notified that this activity is taking place at a specific time and place by a specific medium. The newspapers are generally used for that purpose.
What is the Market Value of the Property?
The Market Value of the property is the Sale Price of the property, and that too depends on market conditions. If someone manages a mortgage obligation carefully, at the end of the maturity period of the loan, he/she should not owe the bank a significant amount of money over that of the value of his/her assets.
Generally, if a property is to be sold by the financial institution, the lender will set a reserve price at which the lender expects to obtain/receive in the open market. An individual may perceive his/her property to be worth a certain amount, but the prospective buyer may not see that value or may not be prepared to pay that value. However, the best way to determine the market value of a property is through an Auction Sale, where bidders will determine the price they are willing to pay taking into consideration all the necessary factors such as: -
Location of the property,
Physical condition of the property,
Value of similar property sold in the vicinity,
Age and design of the property.
For instance, if a property is located on a beach front and is adequately maintained, it will be valued differently to a similar size house located close to an industrial or landfill site. A poorly maintained mansion may be valued less than a smaller and well-kept house.