Top Reasons for Potential Cut Sales:

1) Bracketing was not performed on sales comps.

2) Gross Living Area was not accurate for the main structure, out buildings, basement, detached structures, or they were combined. 

3) Zoning was not reviewed or analyzed.

4) Type of property is not correctly identified.

5) Market area for comps is not defined correctly.  

6) Definition of market transaction is not met.

• Arms length Transaction- an arms length transaction allows the market to ensure that both parties are acting in their self-interest and are not subject to any pressure or duress from the other party
• Market Value - The most probable price which property should bring in a competitive and open market under all conditions requisite to a fair scale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition in the consummation of a sale as of a specified date and the passing of title form seller to buyer under conditions whereby:
  • Buyer and seller are typically motivated
  • Both parties are well informed or well advised, and acting in what they consider their best interests
  • A reasonable time is allowed for exposure in the open market