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method, and cost method. The appraisers took into account
various data on Genesee County, including its location,
composition, demographics, population density, and accessibility.
The appraisers followed an industry definition of the term
"market value", under which the term meant:
MARKET VALUE--The most probable price in terms of money
which a property should bring in a competitive and open
market under all conditions requisite to a fair sale,
the buyer and seller, each acting prudently,
knowledgeably and assuming the price is not affected by
undue stimulus.
Implicit in this definition is the consummation of a
sale as of a specific date and the passing of title
from seller to buyer under conditions whereby:
1) buyer and seller are typically motivated.
2) both parties are well informed or well advised,
and each acting in what they consider their own
best interest.
3) a reasonable time if [sic] allowed for exposure in
the open market.
4) payment is made in cash or its equivalent.
5) financing, if any, is on terms generally available
in the community at the specified date and typical
for the property type in its locale.
6) the price presents a normal consideration for the
property sold unaffected by special financing
amounts and/or terms, services, fees, costs, or
credits incurred in the transaction.*
*REAL ESTATE APPRAISAL TERMINOLOGY, (REVISED EDITION),
1984, pages 160 & 161.
The appraisers explained in their appraisal reports that the
sales comparison method compares a property with similar
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