Fair Market Value
Appraisal Terms and Definitions
Fair Market Value is the professional opinion of the most probable price of the market value of a property expressed in terms of currency. This exchange of property for currency is between a willing buyer and a willing seller with equity to both. Neither the buyer nor the seller is under any compulsion, to buy or to sell the property. Both parties are fully aware of all of the relevant facts, as of a certain date.
As to the assets that are sold in a Fair Market Value auction, both the buyer and seller accept that the assets must be taken apart and removed at the owner's expense and that the assets are sold as is. The above assumes that the buyer and the seller are well informed or well advised, motivated by reactions of typical users, free from undue stimulus, financially capable of ownership and/or use, and allowed a reasonable period of time in which to test the market. Any deletions or additions to the total assets appraised could change the psychological and/or monetary appeal necessary to gain the values indicated.
Maynards has worked in many cities and towns, and they have skillfully handled large-scale projects; we can take care of your auction and appraisal needs.