FAQ
How to sell
Appraisals
How long does it take for GovPlanet to complete an appraisal?
The timeframe and work effort required to complete an appraisal will vary based on several factors including the number, type, age, condition, location(s), and accessibility of the equipment units in scope. A relatively simple appraisal engagement will typically be completed within 2 to 3 weeks of receipt of a signed engagement letter. More complex appraisals will typically take more time. Of course, we will always ensure every effort to meet your specific requirements.
The definitions of these 3 premises of value are outlined below:
- Fair Market Value (FMV) - Defined as the amount expressed in terms of money that may reasonably be expected for property in an exchange between a willing buyer and a willing seller, with equity to both, neither under any compulsion to buy or sell and both fully aware of all the relevant facts, as of a specific date.
- Orderly Liquidation Value (OLV) - Defined as the estimated gross amount expressed in terms of money which could be typically realized from a sale, given a reasonable period of time to find a purchaser(s), with the seller being compelled to sell on an as-is where is basis, as of a specific date.
- Forced Liquidation Value (FLV) - Defined as the estimated gross amount expressed in terms of money which could be typically realized from a properly advertised and conducted public sale, with the seller being compelled to sell with a sense of immediacy on an as-is where-is basis, as of a specific date.