Valuation & AppraisalQuestion 100 of 120
Market value, as used in appraisal, generally assumes:
a.A forced sale under time pressure
b.A willing buyer and willing seller, each acting knowledgeably and without undue pressure
c.That the buyer is unaware of the property's condition
d.The highest price any single buyer might ever pay
Explanation
Market value assumes a transaction between a willing, informed buyer and seller, neither under duress, with reasonable market exposure. It differs from a distressed or forced sale price. This standard underlies most lending appraisals.
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