FMV - Property Value - Posted by Victoria- FL

Posted by MB Enterprises on May 01, 2007 at 08:46:10:

Where or how do I get a comparitive analysis? Is this something that I will have to manually do or is there a resource to get this from?

FMV - Property Value - Posted by Victoria- FL

Posted by Victoria- FL on June 14, 2005 at 15:56:45:

I’m just getting started in real estate investing. I’ve joined two local real estate clubs and have been reading as much as I can get my hands on to get a good grasp of this industry. In reading through the posts and searching archives, I haven’t been able to find out the best way to determine full market value. And I know this is the most essential aspect of doing a deal!

Experienced investors: do you obtain your information from MLS, tax appraisers office or just know your target market area well enough to determine (guestimate) FMV? Is there a site/service anyone can recommend for this?

Thank you for your help!

Re: FMV - Property Value - Posted by Natalie-VA

Posted by Natalie-VA on June 15, 2005 at 13:13:11:

I use the MLS since I’m a broker. Many investors do just as well by researching the comps on their own.

Find a local real estate school or community college that offers courses in appraisal. This might help you learn how to find the comps on your own.

Re: FMV - Property Value - Posted by comps

Posted by comps on June 14, 2005 at 19:19:24:

If you are buying houses, get “sold” comps that are as close to your target purchase, as similiar to your target, and as recent, as you can. Also, there is no substitute for knowing your market area well. Sometimes just crossing a street can make a big difference in price and saleability.

Re: FMV - Property Value - Posted by Phil

Posted by Phil on June 14, 2005 at 16:55:55:

A guestimate would be insane I think. Get a comp. That is a compartive analysis of other properites with the same rooms, land ETC, that have sold in the last few months in the same area. This is what the banks use, if its good enough for them, heck its good enough for me. NEVER guess at this stuff, these is too much at stake.