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What's Fair Market Value
What is the best price for some real estate? Mortgage lenders, appraisers, and real estate brokers use what is called the "fair market value" (FMV). FMV is defined as "the price that a buyer is willing to pay and the seller is willing to take". Sounds great, but how is this price determined?

The starting point for determining a fair price may be an opinion of the value or "competitive market analysis" : a CMA. This analysis uses information on similar properties which are: 1) currently for sale, 2) already sold, or 3) expired listings (which did not sell). Local, national and international trends and market conditions must also be considered.

By comparing similar properties of each type and the market conditions, appraisers, lenders and agents come very close to the maximum price that the market will bare for that home.

 
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