Market Value

Don't know if this is the right place to be posting. Apoligies if it isn't.

When ascertaining the market value of a property is the normal procedure for an auctioneer to place it on the market and see what bids are made on it?

No, you get a valuation: http://www.askaboutmoney.com/showthread.php?t=82660

In the current market that might be the best the EA can manage.

If the EA has not sold similar properties in the area what else have they to go on.