OfflineHow do I determine the (FMV) Fair Market Value? (from home and with out any money, cant afford an appraiser). I have started making offers, but I must say I think I misunderstood the difference between the FMV and the asking price. Here is why i think so. I got a house thats 102 dom-prop (days on the market),a forclosure,it asseses for 149k, and is listed for 68k. So I made an offer of 44,200 thats 35% lower than the asking price. This seems crazy. I've got to say I started to feel completely foolish and was getting scared to even write the number, let alone type and send it. This is not because I don't have the money, nor because they might say no. It is becuase it dosen't look or feel right to make such a low offer. I feel like it will be insulting to the seller. I must have misunderstood something, right? I mean, if the county's assesement is for almost double the asking price (and the assesments are usauly low compaired to an appriasal), isnt it already a great deal? If they do say yes even at 30% off, I got one heck of a deal ,let alone 45% or 50%. Then, I think if they do accept the low offer it must be because it's got to be torn down and rebuilt. What is the answer?
Please help me.
"The regrets of YESTERDAY are the TWIN thievs that ROB us of the MOMENT!!!
Phil
The FMV is the perceived price that the market would normally pay for the property. The asking price (listing price) is what the amount the sellers are hoping to get. Then there is the AFTER REPAIR VALUE which is the price the property would sell after you've made the repairs to the home.
The best Way to determine the FMV is to look at similar homes in the area. What are they selling for? Your Realtor can provide you with this information and there are plenty of websites that will allow you to do this research yourself. that will give you an idea of what you'd need to list your property at in order to get it to sell
"Remember the True Value of a property is what someone is willing to pay for it."
Good Luck
Jordan
"You gain strength, courage, and confidence by every experience in which you stop and look fear in the face. Do the things you think you cannot do. Tough times never last, but tough people do"