Means of Calculating the Property Value. The lender shall use the estimated fair market value to determine the starting value of the property. The starting value may represent a discount of the estimated fair market value at the time the shared appreciation agreement is executed. Except as provided in §B of this regulation, the lender shall use the same method for calculating the estimated fair market value in connection with determining the starting value and the final value. An appraisal, AVM, or BPO used to determine fair market value shall be obtained by the lender from an unaffiliated third-party. In complying with the requirements of Regulation .02A(2) of this chapter, a lender may use a value stipulated by the borrower as the estimated fair market value if the lender has not yet obtained an appraisal, BPO, or AVM and the terms of the disclosure provided under Regulation .02 of this chapter are subject to change. In complying with the requirements of Regulation .02A(4) of this chapter, a lender shall use an appraisal, BPO, or AVM. Sale of Property. If a shared appreciation agreement terminates with the sale of the property, the final value may not exceed the sale price if: The sale was an arms-length sale; The property was not sold as part of a foreclosure; and The borrower did not retain an interest in the property, including an interest as a life estate.