First, we determine the top market value of your property if it were repaired to the best possible condition. Market value is the most probable price that a property should bring in a competitive and open market, where the buyer and seller are both motivated and a reasonable time is allowed for exposure in the open market.   Market value is determined by comparing your property to similar houses in the same area that have sold within recent months. It is not based on the current list price of similar houses—only the sold values. We take into consideration the condition of the house, the cost of necessary repairs and any encumbrances or obstacles to clear title.