Real Estate Appraiser: Getting the Most Value for Your Property!
In order to get the most value for your property you should obtain the expertise of an experienced and qualified Real Estate Appraiser who can provide an accurate estimate of your property value based on current market criterion. There are many definitions of value and for all practical purposes intended here; the focus will be on market value, which sometimes is also referred to as fair market value or true market value. Market value represents the most probable price the property is worth, and what the property can bring in a competitively open market.
performs the evaluation of a client’s property value as a fiduciary responsibility regardless of which party pays for the property evaluation. It is typical for residential appraisers to agree to represent the client upon orders of a lending institution with the agreement that payment will be made at the closing of the loan or settlement. Although market value is the most common definition of value, there are various other definitions of value which may be referred to including liquidation value, orderly liquidation value, federal land acquisition, going concern value and use value.
Terms of Value Commonly Referred to by a Real Estate Appraiser:
Liquidation Value
Orderly Liquidation Value
Federal Land Acquisition
Going Concern Value
Use Value
The International Valuation Standards Committee, in an effort to establish a common definition among various countries, has adopted the following designation of market value. ‘Market Value is the estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arm’s length transaction after proper marketing wherein the parties have each acted knowledgeably, prudently, and without compulsion.
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