HUNSICKER APPRAISAL COMPANY, INC

4901 cole avenue / dallas, texas 75205-3401
214.521.0300 / 214.521.8722 fax 
info@hunsicker.org

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Title XI of the Financial Institutions Reform Recovery and Enforcement Act of 1989 (FIRREA), defines market value as 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:

• buyer and seller are typically motivated;
• both parties are well informed or well advised, and each acting in what they consider their own best interests;
• a reasonable time is allowed for exposure in the open market;
• payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and
• the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.