Appraisal use, request, review, and release.

CFR · 2024-01-01 · US · Title 7

(a) (b) (1) (i) A request for “market value, subject to restricted rents” means the appraisal will take into consideration any rent limits, rent subsidies, expense abatements, or restrictive-use conditions that will affect the property as a result of an agreement with the Agency or any other financing source. Each type of financing involved, including, but not limited to, interest credit subsidy, low-interest loans from other sources, tax-exempt bond financing, tax credits, and grants, must be valued separately in the appraisal. (ii) A request for “market value” means the appraisal will take into consideration 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 and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (A) Buyer and seller are typically motivated; (B) Both parties are well informed or well advised and acting in what they consider their best interests; (C) A reasonable time is allowed for exposure in the open market; (D) Payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable thereto; and (E) The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessi

official document · source cfr-2024 · id 7:§ 3560.752