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HamiltonJay squeals in post 266, "I can also just as easily get a house for 20-30-40-50 or even 60% less than its appraised value but that doesn't mean its only worth 40% of its appraised value against my neighbors home... if it did, then ever time I bought a house I'd be dropping property values... which isn't the case, in fact I usually end up raising values when I go in and buy a property."

Jeez, gotta love it when someone shoots their own argument in the foot.

Remember this which you wrote a few short moments ago in post 237, "Your using myth to make argument. Assessments have nothing to do with home values. Assessments like appraisals are just what someone subjectively believes a property would sell for. The only thing that determines the true value of a property is when it sells, everything else is pure conjecture."

Well, which is it?!?

Lockjaw,

What do you think is diametrically opposed? The fact that I say that Appraisals don't set value? Certainly nothing I said countered that... or is it the fact that you can't believe I can buy a property far below its appraised cost and then turn around and sell it for more than appraised cost?

I suppose you think because I paid 40% of appraisal that the value of the property is 40% of appraisal... well I suppose technically you could argue it is, as that is what the transaction was for... but you think the buyer I sell it to will pay 40% of appraised price? Hell no.

Its a concept called instant equity, I'm sorry if you can't grasp the fact that you can buy a commodity for less than another is willing to pay for it.

To that seller on that day, that property was only worth 40% of the appraised value... because that's what he took for it, does that mean I am going to sell it for that? No. The minute the property changed hands its value position changed... why? Simple, he needed it sold and would sell for 40% for whatever reason... once the deed changes hands however, I am now the owner, and it won't be leaving my hands for that price.

Just because that seller couldn't sell it for say 100k, and took 40k, doesn't mean I won't find a buyer for 100 or even 110k, or maybe I feel like being nice and let it go for 90k. And my sale price won't have squat to do with an appraisal value either, just like my purchase price didn't.

If you can't keep up, I can suggest some very well written books on the topic.