Fair Market Value is a professional opinion of the estimated most probable price expressed in terms of cash in U.S. Dollars to be realized for property in an exchange between a willing buyer and a willing seller, with equity to both, neither being under any compulsion to buy or sell, and both parties fully aware of all relevant facts as of the effective date of the appraisal report.
Replacement Cost is a professional opinion of the cost expressed in terms of cash, F.O.B. the manufacturer's plant, to purchase a new item of like quality and specifications.
Liquidation Value is a professional opinion of the estimated most probable price expressed in terms of cash which the subject equipment could typically realize at a privately negotiated sale, properly advertised and professionally managed, by a seller obligated to sell over an extended period of time, usually within six to twelve months, as of the effective date of the appraisal report. Further, the ability of the asset group to draw sufficient prospective buyers to ensure competitive offers is considered. All assets are to be sold on a piecemeal basis "as is" with purchasers responsible for removal of assets at their own risk and expense. Any deletions or additions to the total assets appraised could change the psychological and/or monetary appeal necessary to gain the value indicated.
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