source:
  type: guide
  id: fnma-sel-b4-1.1-01
  authority: Fannie Mae Selling Guide B4-1.1-01 — Definition of Market Value
  description: Fannie Mae Selling Guide B4-1.1-01 — Definition of Market Value.
  coverage_tier: operative
obligations:
- id: fnma-sel-b4-1.1-01-full
  canonical_id: fnma-sel-b4-1.1-01-full
  section: Fannie Mae Selling Guide B4-1.1-01 — Definition of Market Value
  type: do
  tags:
  - regulator-direct
  - fnma
  - selling-guide
  - corpus-expansion
  - tier-operative
  primary_source:
    tier: 1
    authority: Fannie Mae Selling Guide B4-1.1-01 — Definition of Market Value
    source_class: fnma-guide
    source_url: https://singlefamily.fanniemae.com/media/document/pdf/selling-guide
    snapshot_id: 5f7b8b79da595d76
    fetched_at: '2026-05-25T14:09:57Z'
    content_hash: sha256:98cf85a02861bbe84914a0e339b327c8fc131869a8a573882007bbeea60c5701
    paragraph_quote: 'B4-1.1-01, Deﬁnition of Market Value (06/04/2025) Introduction
      This topic contains information on the deﬁnition of market value. Deﬁnition
      of Market Value Uniform Appraisal Dataset (UAD) 3.6 Policy Deﬁnition of Market
      Value Market value is the most probable price that a property should bring in
      a competitive and open market under all conditions requisite to a fair sale
      with, the buyer and seller, each acting prudently and knowledgeably, and assuming
      the price is not aﬀected by undue stimulus. Implicit in this deﬁnition is the
      consummation of a sale as of a speciﬁed date and the passing of title from seller
      to buyer under conditions whereby: buyer and seller are typically motivated;
      both parties are well informed or well advised, and each acting in what they
      consider to be in their own best interest; a reasonable time is allowed for
      exposure in the open market; payment is made in terms of cash in U.S. dollars
      or in terms of ﬁnancial arrangements comparable thereto; and the price represents
      the normal consideration for the property sold unaﬀected by special or creative
      ﬁnancing or sales concessions granted by anyone associated with the sale. Note:
      Adjustments to the comparables must be made for special or creative ﬁnancing
      or sales concessions. No adjustments are necessary for costs that are normally
      paid by sellers as a result of tradition or law in a market area; these costs
      are readily identiﬁable because the seller pays these costs in virtually all
      sales transactions. Special or creative ﬁnancing adjustments can be made to
      the comparable property by comparisons to ﬁnancing terms oﬀered by a third-party
      institutional lender Published May 6, 2026 517 that is not already involved
      in the property or transaction. Any adjustment should not be calculated on a
      mechanical dollar for dollar cost of the ﬁnancing or concession, but the dollar
      amount of any adjustment should approximate the market’s reaction to the ﬁnancing
      or concessions based on the appraiser’s judgment. Uniform Appraisal Dataset
      (UAD) 3.6 Policy Lenders using UAD 3.6 must follow the requirements in the UAD
      3.6 Policy Supplement . Recent Related Announcements The table below provides
      references to the Announcements that have been issued that are related to this
      topic. Announcements Issue Date Announcement SEL-2025-04 June 04, 2025'
  judgment: false
