how to find FMV? - Posted by d. newton

Posted by Doug on December 14, 1998 at 05:00:53:

Realtors can give you a CMA for any area and would probably charge you about a hundred bucks… But that CMA can give you an idea of sale prices that will be a good templet to use for the next 6 months… Another way would be to call all the properties for sale in the area and gather info on there ammentities and bedrooms, finished basement etc. This is a very long and frustrating process. My advice is if you have 100.00 to spare have a CMA done on the Property. Also you can find some appraisers that will do a drive buy appraisal for less than a full appraisal… I also pay an appraiser 50.00 to give me a driveby on properties of interest…
Good Luck
Douglas Timko

how to find FMV? - Posted by d. newton

Posted by d. newton on December 13, 1998 at 12:09:10:

please help me how to detirmine fair market value on a property

Re: how to find FMV? - Posted by Jim

Posted by Jim on December 13, 1998 at 12:23:12:

We are talking SFD right?
Check “comparible” sales in recent months in the area in question.
In my area, the local paper puts all the RE transactions from the last three years online. I recenlty bought a TH and looked to the “Transactions” for the last 3 years. They were all selling for WAY more than what I paid, so I knew I was getting a good deal! These were all TH with the same exact floor plan, and only a few minor differences, like updated windows and nice paint jobs.
Mine is being “fixed up” as we speak, and I’ll soon sell the TH for $65-$70k, when I bought it for $40k.
Try that. Also, start to look around the market yourself. Look in the paper for other properties like yours in the same area, and see what they are priced at. Then see how fast they sell. If they are priced wrong, they either sell fast or SLOW depending. FMV is not hard, just look around and don’t be afraid to ask questions.
You may also want to find a GOOD broker to let you know some info.
If you can find a good one to play on your team, they will be a VERY valuable part of that team.
Good Luck, and go make $$$$