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Fair Market Value (FMV)

FMV is an outdated appraisal term for most probable price in terms of money that a property, if offered for sale for a reasonable period of time in a competitive market, would bring to a seller who is willing but not compelled to sell, from a buyer who is willing but not compelled to buy, both parties being fully informed of all the purposes to which the party is best adapted and ways it is capable of being used. (Today’s term Market Value)

Market Value: Under guidlines published by (Freddie Mae, Freddie Mac,) the most probable price a property should bring in a competitive & open market under all conditions requisite to a fair sale.

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