FMV
Newbie in need of help.
I just got started with Investing in RE, and would like to know how to determine the FMV of a property.
:-D
Newbie in need of help.
I just got started with Investing in RE, and would like to know how to determine the FMV of a property.
:-D
Glad to meet you Milos:
What you want to do is check in the MLS to see what the comparable sales in the area are. You can have a realtor do this for you. One rule of thumb is to always run two sources of comps. What I use is MLS comps and title company comps. If you are buying for an investment, make sure you look and see what your competition is selling for also.
This is one aspect of real estate investing that can either make or break you. You should also drive around the neighborhood, look at the comparable sales and see what is on the market. Don't take anybody's word for it. Check for yourself!
Best Riches,
Jeff Adam
[addsig]