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When researching a property you are appraising having taken into account current market indicators, you find that the current owners purchased at the peak of the market and you now estimate it at 20 - 25% less than what they paid

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When researching a property you are appraising having taken into account current market indicators, you find that the current owners purchased at the peak of the market and you now estimate it at 20 - 25% less than what they paid.  

Now, when presenting your market appraisal and ETA of price they are very disappointed and angry at your estimate. 

What do you do and explain why? Also, how long must you keep this appraisal on file accordingly?