Posted 12-19-07

Page 137: Towards the bottom of the page just before the paragraph beginning with "The nature of the property.." add the below text.

A multi-market, multi-value appraisal is one which contains differing value opinions based on variable market conditions — the most common of which is anticipated available marketing time (or lack thereof). If a client has six months to liquidate, the appraiser may make use of an orderly liquidation market such as a regional auction house or even a consignment shop scenario to determine a market value on which the client could base his asking price. If a client has only sixty days in which to liquidate, the appraiser may make use of the forced liquidation auction market to determine a forced liquidation value. If the client must liquidate within only thirty days, the appraiser may make use of a wholesale market such as a direct sale to a dealer who might be willing to purchase the entire lot on short notice, but who might only be prepared to pay only twenty cents on the dollar in order to do so. If the client is unsure of what action to pursue, the multi-market, multi-value appraisal could provide the needed guidance. In any case, the ultimate decision on issues such as what price to ask or when to accept a particular offer rests solely with the client.