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up to the estimated fair market value of the property

English translation: to the maximum estimated and reasonable price that could be obtained for the sale of the property

03:39 Aug 13, 2014
English language (monolingual) [PRO]
Bus/Financial - Finance (general) / account
English term or phrase: up to the estimated fair market value of the property
The estimated fair market value of the primary residence is not included as an asset and the amount of debt secured by the primary residence, up to the estimated fair market value of the property, is not included as a liability.

What does this sentence mean, especially the part "up to the estimated fair market value of the property"? Would you please rephrase this sentence? Thanks in advance!
Ivan Niu
China
Local time: 02:12
Selected answer:to the maximum estimated and reasonable price that could be obtained for the sale of the property
Explanation:
this is what it means

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Note added at 16 mins (2014-08-13 03:55:47 GMT)
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"up to" means everything less than and including

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Note added at 30 mins (2014-08-13 04:09:38 GMT)
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your whole context means that the reasonably calculated value at fair market prices for the primary residence is not seen as an asset and that any debt covered by the value of the property used as collateral is not seen as a liablity

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Note added at 36 mins (2014-08-13 04:15:54 GMT)
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basically it means that the estimated value of the property has no significance in whatever is involved
Selected response from:

David Hollywood
Local time: 15:12
Grading comment
Selected automatically based on peer agreement.
4 KudoZ points were awarded for this answer



SUMMARY OF ALL EXPLANATIONS PROVIDED
5 +2to the maximum estimated and reasonable price that could be obtained for the sale of the property
David Hollywood
4 +1see explanation
Terry Richards
5underwater properties
Charlesp
4[debt that is] less than or equal to the estimated fair market value ...
B D Finch


Discussion entries: 3





  

Answers


14 mins   confidence: Answerer confidence 5/5 peer agreement (net): +2
to the maximum estimated and reasonable price that could be obtained for the sale of the property


Explanation:
this is what it means

--------------------------------------------------
Note added at 16 mins (2014-08-13 03:55:47 GMT)
--------------------------------------------------

"up to" means everything less than and including

--------------------------------------------------
Note added at 30 mins (2014-08-13 04:09:38 GMT)
--------------------------------------------------

your whole context means that the reasonably calculated value at fair market prices for the primary residence is not seen as an asset and that any debt covered by the value of the property used as collateral is not seen as a liablity

--------------------------------------------------
Note added at 36 mins (2014-08-13 04:15:54 GMT)
--------------------------------------------------

basically it means that the estimated value of the property has no significance in whatever is involved

David Hollywood
Local time: 15:12
Works in field
Native speaker of: English
PRO pts in category: 43
Grading comment
Selected automatically based on peer agreement.

Peer comments on this answer (and responses from the answerer)
agree  Peter Simon: but see my remark
2 hrs
neutral  B D Finch: I disagree with your use of "maximum". Perhaps you mean "up to the estimated and reasonable price", but your wording implies that all available valuers must be asked to value the property so that the highest valuation can be selected.
5 hrs
agree  Charlesp
1 day 11 hrs
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5 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5
[debt that is] less than or equal to the estimated fair market value ...


Explanation:
Such a valuation would have to be obtained from a qualified, professional valuer.

B D Finch
France
Local time: 20:12
Works in field
Native speaker of: English
PRO pts in category: 20
Login to enter a peer comment (or grade)

9 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +1
see explanation


Explanation:
What they are doing is calculating somebody's net worth. Which is their assets minus their liabilities.

In this calculation, certain things are excluded. One thing is that the value of their home is not included as an asset.

The other thing is that any debt secured by the home is not included as a liability. This, however is limited to the value of that home. So, if the house is worth 200,000 and they have a 250,000 mortgage on it, the first 200,000 is not considered a liability but the remaining 50,000 is. This is the "up to" part.

The hard part is knowing how much the property is worth. The only real way is to sell it and see what it fetches but that might be a bit inconvenient! So, instead of the actual value, they use an estimate of what the house would sell for on the open market. Somewhere in the document it probably says how such an estimate is to be made (probably by some sort of professional valuer). This is the "estimated fair market value of the property" part.

Terry Richards
France
Local time: 20:12
Native speaker of: Native in EnglishEnglish
PRO pts in category: 4

Peer comments on this answer (and responses from the answerer)
agree  Tina Vonhof (X): Very good explanation that is sure to be helpful.
2 hrs
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13 days   confidence: Answerer confidence 5/5
underwater properties


Explanation:
This is highly technical.

What they are talking about is "underwater" properties.

In other words, in short if someone owes more than the property is worth, they have to declare that difference as a liability (while the value of the property and the remaining balance of the mortgage otherwise is omitted).

Charlesp
Sweden
Local time: 20:12
Specializes in field
Native speaker of: English
PRO pts in category: 27
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