Liquidation value

Liquidation value is the likely price of an asset when it is allowed insufficient time to sell on the open market, thereby reducing its exposure to potential buyers. Liquidation value is typically lower than fair market value. Unlike cash or securities, certain illiquid assets, like real estate, often require a period of several months in order to obtain their fair market value in a sale, and will generally sell for a significantly lower price if a sale is forced to occur in a shorter time period. Liquidation value may be either the result of a "forced liquidation" or an "orderly liquidation". Either value assumes that the sale is consummated by a seller who is compelled to sell and assumes an exposure period which is less than market normal.
The most common definition used by real estate appraisers is as follows
The most probable price that a specified interest in real property is
likely to bring under all of the following conditions:
Note that this definition differs from the most commonly used definitions of market value or fair market value.