Something is only worth what the highest bidder is prepared to pay.
If you see something in the sales marked up at 50% off, that’s its value. The fact it was once priced up at twice the amount it is now is irrelevant. If you buy that item, that’s its value. If nobody buys it then it’s still not worth the price on the tag.
If I’m offered a property for a price of £50,000 and I’m provided with a valuation or comparables stating it’s worth £100,000 is it really 50% Below Market value? Continue reading What does 50 percent BMV mean to you?