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- - - rage i of 1 <br /> <br /> <br /> Marty Kimball C~ <br /> From: Charles Urquhart [qualityappraisal@hawaii.rr.com] <br /> <br /> t: Sunday, August 09, 2009 8:14 AM <br /> Q i Ivlarty Kimball <br /> Subject: Letter addressing appraisal technique <br /> <br /> Quality Appraisal Services <br /> HCR 2 Box 6922, Keaau, HI 96749 <br /> Phone: (808) 982-6955, Fax: (808) 982-6966 <br /> E-mail: qualityappraisal@hawaii.rr.com <br /> <br /> <br /> August 9, 2009 <br /> <br /> <br /> Mr. Kimball, <br /> <br /> This letter is in response to your request for an explanation of acceptable appraisal practice with regards to appraising a <br /> property when there are no recent sales in the immediate area. <br /> <br /> When appraising a property in a neighborhood with no recent sales it is imperative to establish historical relationships <br /> with respect to value that have existed between the neighborhood in question and other competing areas. Assuming <br /> .here are some recent sales in these competing areas, the historical relationships that have existed can be applied to the <br /> current data to establish an estimate of value. This estimate of value can be weighed against current listings to verify <br /> Is -°asonableness, but under no circumstances is it appropriate to estimate value based on listings alone. <br /> hope this letter adequately addresses this issue. Please call if there are any other concerns or questions. <br /> <br /> <br /> Sincerely, <br /> <br /> -harles R. Urquhart <br /> -RA-271, expiration date: 12/31/09 <br /> duality Appraisal Services <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> O <br /> <br /> <br /> '10/2009 <br />