Definition Of Fair Market Value

Fair market value is a term related to the real estate world and it is used legally and commercially in business. The price under fair market value is determined between the buyer and the seller and they arrive at something called the fair market price. It is also used by accountants and appraisers to figure out the fair market price of a property.

Foreclosure Laws

Foreclosure is a process initiated by the mortgage company when the people who own the house and have not had been paying mortgages regularly. Any person who has been delinquent for two months consecutively is at a danger of facing foreclosure. When a mortgage company issues a foreclosure notice, it means that they have approached the court and filed papers for permission to put the house on the market and sell it to recover their money.