Relay-Version: version B 2.10 5/3/83; site utzoo.UUCP
Posting-Version: version B 2.10.3 4.3bsd-beta 6/6/85; site ll-xn.ARPA
Path: utzoo!watmath!clyde!cbosgd!ihnp4!houxm!whuxl!whuxlm!akgua!gatech!ut-sally!seismo!ll-xn!olsen
From: olsen@ll-xn.ARPA (Jim Olsen)
Newsgroups: net.consumers
Subject: Re: Selling price vs appraised value
Message-ID: <263@ll-xn.ARPA>
Date: Sun, 12-Jan-86 23:11:14 EST
Article-I.D.: ll-xn.263
Posted: Sun Jan 12 23:11:14 1986
Date-Received: Tue, 14-Jan-86 06:09:38 EST
References: <439@mhuxl.UUCP>
Organization: MIT Lincoln Laboratory
Lines: 18
Summary: Definition of market value

In article <439@mhuxl.UUCP>, daw1@mhuxl.UUCP (WILLIAMS) writes:
> 
> 	This is in reference to the articles about "no money
> down" and "be a credit card millionaire" real estate deals.
> Someone said that the house would be appraised at the price
> it was sold for. But...
> 
> ---------------------------------------------------------------------
> 
> 	What does selling price have to do with value in a case
> like that? ...

If I recall correctly, the definition of fair market value is "the price
which would be paid by a willing buyer to a willing seller."  This is
the value which an appraiser attempts to estimate, using various
generally accepted techniques.  If such a sale has *actually occurred* a
very short time ago, the sale price is absolutely the best indication of
what the true market value is.