Fair market value, as that term is used in the legal context, means the price that would be determined between a buyer who is not under any compulsion to buy, and a seller who is not under any compulsion to sell. A fair market value price is not a “firesale” price – like when a store is going out of business.
The fair market value concept is important in the condemnation process under eminent domain – where the government is taking a person’s land and trying to pay as little as possible. The government will want to purchase property at a low valuation, and will look for evidence to support their position.
When this happens, we help homeowners in contesting the low property value determined by the government by getting qualified property experts to develop what we believe to be the real value of our client’s property. We fight “lowball” offers and demand full compensation – not one penny less.
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