OfflineHello DG famliy,
What If all you find are Realtors who don't want to help you know the FMV(Fair Market Value)?
What if you don't have money to hire an appraiser?
Would it be best if we can just learn three to four ways to come up with the FMV our selves?
We all know there are more then one way to find out the FMV.
These are math formulas I don't mind learning about...
What Formulas do you use to get the FMV?
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This is the formula I got which I got from the Academy. When I have a property that I need its value , I look at comparables with similar features that were sold within 6 months. My agent lets me use his MLS database where I can see what houses sold for . I then email me the comparables to myself and work from there.
If you have a comparable that sold for $100,000 and the square footage is 1000,the cost per sq ft is $100. If you have 3 comps, you add those 3 numbers and divide by 3 which would give you the average cost per square foot. Finally, you take that number and multiply it by your target property's square feet.
If you don't have access to an agent, then go to Zillow.com but becareful to stay within the same price range and within a mile. Hope that helps.
MARTIN
FAILURE IS NOT AN OPTION!
I WILL NOT BE POOR ANYMORE!
Calculate Fair Market Value
The first step in determining fair market value is to figure out the cost per square foot for each comp property. To do this:
1. Take the comp price and divide it by the total square feet (ft2) of that home.
Cost per square foot (ft2)
Total sq. ft Comp Price The result is the cost per ft2.
2. Perform this calculation for each of the comps.
3. Next, discard the highest and the lowest value. (If you only have three comps though, you will need to keep all of them.)
4. Then, add the cost per square foot of each of the remaining comps and divide this total by the number of comps you have used. The result is the average cost per square foot for all the comps.
Average cost per ft2
Total number of comps Sum of costs/square foot for each comp
5. Finally, take this average cost per square foot and multiply it by the total square feet of the home you are evaluating. The result is the estimated fair market value for your prospective property in that specific area right now.
Average cost per ft2 x total ft2 of home = Fair market value of property
MARTIN
FAILURE IS NOT AN OPTION!
I WILL NOT BE POOR ANYMORE!
The_ Great _Martini wow thats A Great way to do the math for the FMV
I would definitely try this one.
God Bless
Are there any one else who would like to share there Formula to Come Up with the FMV?