finding the fmv

Check out this site. http://www.totalviewrealestate.com/learntoinvest.php It's the new total view site that Dean put together. That will help you with FMV.

here are some of the websites i use:
propertyshark.com
****/realestate
trulia.com
zillow.com
cyberhome.com

then ill take median number (FMV) of all the sites then add them up then divide the number by how many sets i add.

for example:
(zillow)100,000+ (trulia)100,000+ (cyberhome)100,000= (total of all numbers)$300,000
now divide it by 3 because you use 3 sets of numbers
300,000/3= (fmv)100,000

I believe that is only three sets of numbers, but who is counting.

look for similar properties in same neighborhood (or subdivision), same street as your subject property to obtain comparable sale prices. Don't go beyond 0.25 mile - 1 mile from subject (unless otherwise you have to) to find comps or beyond 3 months. Markets can/have change rapidly in some areas of U.S.

mortgage.chase.com/pages/other/home_value_estimator.jsp

I posted this question in another area of the forum earlier today. Then I found this area, so I am posting it again here.

Thanks in advance for all your help !!

I have been reading alot of entries here on the forum about how to determine the FMV of a property, the starting point for all calculations. Yet, I am still confused.

I have looked up a couple of properties on the TotalView site and at Zillow and at Cyberhomes. What I am finding is, that the amount listed at these sites is more than two and half times what the County Clerks assessed value is, and about double what the last known selling price was for (which is less than 24 mo. ago).

I have also looked at recent sales for the area. There is NONE for the last year that would even begin to be comps within a 1 mile radius, and I would not want to expand beyond that because of the difference in neighborhoods.

How do I go about determining what the FMV is when there is such a large disparity in the $$ amounts that I am seeing.

Any and all help would be appreciated at this point. I just don't know where to get a FMV $$ amount for this property to start the process of calculating for an offer.

Thanks, Marcus

i have know idea... i would find the average of fmv then take off 80,000 or make your comp search a lil bigger... or tell a real estate agent your looking to sell your house and you want to know how much i should offer give him the info needed to find out then take is contact because you may need him again...i hope 1 of these ideas works or at least inspire a new idea that will work....

Hi Elias,
I believe you seem to be working on location(Hot Zones)! If you do not have any comps and for sale signs in the area,You are in a different market area than most.I really believe in following the Moo-Laa like your Up market zone,Most of the deals i am hearing about are...it is not really as much location but more-Running #'s from 5k to 50k(Buy & Hold type of thing).And as far as fair market value,What is the deal...Worth to you,Keeping in mind about Market cycle!!!
Randall

do I still need to worry as much about finding accurate FMV comps? Because, I agree that with so few houses selling, it's incredibly difficult to find these and know they're truly accurate. especially if you're relatively new at this. Any thoughts? Advice?

Thanks!
Suzi

The more info on a house you have the better chance you have on etting an investor to buy it.... when I shopped my first property to my list of investor I had the I had the fmv the pice I'm asking for the potential profit an estimate on repairs plus picture inside inside and outside of the property...

By doing it this way it allow this investor to make a quick decision on whether or not they are interest it or not...(a serious investor will do all their on research to make sure your numbers are correct)

Think of it this way its alway better to be Prepared...

Plus buy finding the fmv now. ...by the time its your turn to find it for yourself you already have the resourse you need to do so plus have a set strategy down pack

I hope this will help you out on your path

There have been several excellent items brought up on this topic already.

There are many Realtors out there that classify the current situation with having two separate markets: the 'Normal' market and the Foreclosed market which would include Short Sales. This, then produces totally different FMV's from their standpoint. But when it comes to determining a FMV an investor can use prior to making offers, very few sales in the area, etc, it becomes extremely challenging to get a true FMV.

So how are successful investors able to determine this? With record numbers of Short Sales and Foreclosures in almost every neighborhood, in many regards these really are times 'where no man has gone before'.

Can there be two separate FMV's depending who owns the property when it hits the MLS? I have heard that appraisers are determining values by indeed keeping Foreclosures separate from the 'Normal' market.

Maybe FMV has become more micro 'localized' than ever before. Even down to a several square block area based on the density of Foreclosures/Short Sales.

IF THE AREA YOUR LOOKING TO BUY PROPERTY IN HAS TO MANY FORCLOSURE I ADVICE YOU TO DO THE RESEARCH ON THAT AREA...
CHECK THE CRIME RATE...
THE AVERAGE INCOME OF THAT AREA...
HOW MANY HOUSES ARE FOR SALE AND HOW MANY FORECLOSURES...
FIND OUT HOW LONG IT TAKES TO SALE A HOUSE IN THAT AREA

ONCE YOU HAVE ALL THIS INFOMATION IT CAN HELP YOU FIND OUT IF YOU SHOULD INVEST IN PROPERTY IN THIS AREA...

FIND OUT THE FMV IS CORRECT... FOR THAT AREA

SO IF THE AVERAGE INCOME IS 30K AND YOUR HOUSE FMV IS 600K YOU KNOW THAT SOUNDS OFF

SO ONCE YOU FIND OUT THE AVERAGE INCOME OF THE AREA DO THE MATH TO FIND OUT HOW MUCH HOUSE THAT AVERAGE INCOME CAN AFFORD...

THEN COMPARE IT TO FMV AND SEE IF IT TO HIGH FOR THAT AREA IF...
(KEEP IN MIND SOME TIMES THERE ARE ONE TWO HOUSES THAT COST MORE DUE TO THE LOT SIZE OR OTHER THING OF THAT NATURE)

If you go to the search/enter box at the top left of the page and enter fair market value it will give you all the postings in the forums on this topic. nstreet has a very simple/good formula on here. Good luck.