It would be a hard world indeed if this were required. Fortunately, there is another way. Of course, no alternate method can determine the true value of your home. But it can come close, usually within about five per cent. This other method is called an appraisal and while it will not tell you the value of your home, it will tell you the market value, which should be a reasonable approximation.
Lenders use market value as the basis for lending.
They ask a licensed, disinterested party to determine it for them. This is where the appraiser comes in. Market value is defined as the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. If you are still reading after wading through that definition, bear with me while I examine it for a minute. All the conditions in the definition are there because long and bitter experience of human interaction has dictated they be spelled out.