When a property is sold using the power of sale provisions contained in a mortgage the bank/mortgagee must price the property according to "True Market Value"
The bank must take precautions to sell the property and obtain 'true' market value. True market value only exists in Power of Sale procedure and means that you can prove it.
The method to prove true market value is by using two appraisals of the property. It's what the 'experts' say is the value and their analysis and estimate of market value is the value used. The bank needs two appraisals to defend the sale price achieved and to prove the bank sold the property for true value, not necessarily market value. Market value is defined as the price a property will sell for given an informed buyer and seller not under any duress. Read the long definition of "Fair" Market Value. Since the parties of a sale under powerof sale may be under duress, this is why true market value is utilized.
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