Unique circumstances may demand specific definitions not found below. Many terms are used to describe notions of value. The definitions offered here are to provide the fundamental concepts and are not the only acceptable definitions, since contracts may dictate a somewhat different notion. Therefore, these definitions may be expanded or redefined as the purpose and function of the appraisal may dictate. However, the fundamental concepts should not be altered.
1. FAIR MARKET VALUE
The amount expressed in terms of money, that may reasonably be expected for property in an exchange between a willing buyer and a willing seller, with equity to both, neither under any compulsion to buy or sell and both fully aware of all the relevant facts, as of a specific date.
2. ORDERLY LIQUIDATION VALUE
The estimated gross amount expressed in terms of money which could be typically realized from a sale, given a reasonable period of time to find a purchaser(s), with the seller being compelled to sell on an as-is where is basis, as of a specific date.
3. FORCED LIQUIDATION VALUE / AUCTION VALUE
The estimated gross amount expressed in terms of money which could be typically realized from a properly advertised and conducted public sale, with the seller being compelled to sell with a sense of immediacy on an as-is where is basis, as of a specific date.
4. DESKTOP OPINION
A professional opinion of value based on materials or information supplied to the appraiser and evaluated without the benefit of viewing the assets. It is also a tool to determine the need for an appraisal or the scope of an appraisal. Desktop opinions should clearly be marked as a "professional opinion" and stated that it is not an appraisal.
You can also reach us in one of the following ways:
13137 Palmilla Circle
Dade City, FL 33525
Office: (352) 668-4103
Fax: (352) 668-4151
Cell: (813) 493-2084
Email:
karen@grovesappraisals.com
mike@grovesappraisals.com
