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DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer andseller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of the sale as of a specified 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 he consideres his own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U.S. dollars or interms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the proterty sold unaffected by special or creative financing or sales concessions' granted by anyone associated with the sale.

Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for those costs which ar normally paid by sellers as a result of tradition or law in a market area; thse costs are readily identifiable since the seller pays these costs in vertually all sales transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional lender that is not already involved in the property transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession bu the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the Appraiser's judgment.




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