Subject:
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Re: Sellers of Guarded Inn as if it were 6067, BE ON NOTICE!!!
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Newsgroups:
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lugnet.market.buy-sell-trade
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Date:
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Thu, 26 Jul 2001 23:52:48 GMT
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Viewed:
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503 times
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In lugnet.market.buy-sell-trade, Timothy Wade writes:
snip
> Is it fair for people to sell something above what the actual market value is?
> We here at Lugnet know what they're worth now...and the prices should be
> lowered accordingly. Is there something we can do? Or is it even our place?
Here is the real estate appraisal industry's definition (there are several,
but they all say this basically) of "market value"(1):
"The most probable price, as of a specified date, in cash, or in terms
equivalent to cash, or in other precisely revealed terms, for which the
specified property rights should sell after reasonable exposure in a
competitive market under all conditions requisite to a fair sale, with the
buyer and seller each acting prudently, knowledgeably, and for self
interest, and assuming that neither is under undue duress."
After changing a couple of parts of this to fit in with the purchase of Lego
(or any other object I suppose), here is what I come up with as a possible
market value definition for the purchase of Lego:
The most probable price [final sale price], as of a specified date [I.E. the
time of purchase of the Lego set], in cash [cleared check, money order,
credit card, etc.], or in other precisely revealed terms, for which the
specified Lego should sell after reasonable exposure in a competitive market
[I.E. Brickbay, Ebay, Lugnet, etc.] under all conditions requisite to a fair
sale, with the buyer and seller each acting prudently, knowledgeably [I.E. -
the seller knows what they are selling and the buyer knows what they are
buying], and for self interest, and assuming that neither is under undue
duress [I.E. - the seller lost their job and needs quick money].
Notice the sentence about "the buyer and seller each acting prudently,
knowledgeably, and for self interest." If the seller mis-represents the
item being sold, say for instance selling 10000 Guarded Inn as 6067 Guarded
Inn without full disclosure, then it is up to the buyer to act "prudently."
In this example, the buyer would not be considered knowledgeable if they
purchased the 10000 but thought they were buying a 6067.
Unfortunately, nowhere in this definition does it specifically refer to
fraud and mis-representation on the part of the seller.
I know of several auctions where one or more sections of the previous
definition were violated.
Hope this helps!
- Bob
(1) As defined in The Appraisal of Real Estate, 11th Edition, published by
the Appraisal Institute, 1996, page 22
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