Market Value

The most probable price a property should bring in a com¬petitive and open market under all conditions requisite to a fair sale under guidelines published by federal lending institutions (Fannie Mae, Freddie Mac). Such conditions include the assumption that the buyer and the seller acted prudently and knowledgeably and that the price is not affected by undue stimulus. Implicit in this definition are the consummation of a sale as of a specified date and the passing of title from seller to buyer under the following conditions:
 

• Buyer and seller are typically motivated.
• Both parties are well-informed or well-advised, and they are acting in what they con¬sider their own best interest.

A reasonable time is allowed for exposure in the open market.

Payment is made in terms of cash in U.S. dollars or in terms of comparable financial arrangements.

The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.