What does "Fair Market Value" mean?

Posted: Tuesday, April 24, 2012

Market value is the price which a property would bring after a reasonable exposure to the market, where both a knowledgeable buyer and knowledgeable seller are willing to buy and sell, and are not acting under compulsion or duress. In other words a seller who was not forced to sell or a buyer who was not forced to buy such as in the case of estate, divorce, or foreclosure sales.

 

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