Home Buying in 62918>Question Details

Kelly Venable, Home Buyer in 62918

How do I find out the fair market value?

Asked by Kelly Venable, 62918 Fri Jan 21, 2011

Help the community by answering this question:

Answers

7
You can either have your Realtor perform a CMA as described below, or you can hire an appraiser to perform an appraisal. Your Realtor will do this for free. The appraiser will not.

The information in this answer provided by Attorney Ranj Mohip is general information and is not intended as legal advice, nor does the attorney intend to create an attorney-client relationship with any reader by answering this question or otherwise contributing as a member of Trulia.com.
2 votes Thank Flag Link Mon Jan 24, 2011
Kelly,

Agreed with all below. Realtors are normally looking for Comparable Properties (CMA -comparable market analysis) This would help to determine "Fair market Value".



The reasons you should consider the use of a Good Realtor for this is;



An Appraisal by an Appraiser or a CMA by a Realtor, are factored using the very same info. Appraisers are very Gun shy right now and can be a bit cautious and conservative on values. As their figures are only their professional "opinions". I have seen where a competent Realtor has shown credible evidence of why a value should indeed be Higher/Lower and the Appraiser has actually readjusted their value figures to agree with the Realtors assessment or opinion.



If you have an eccentric property such as a Farm, Lake House or other, a simple CMA is sometimes not going to provide an accurate value. Even the Appraisal can get skewed, especially for an out of town Appraiser. Again, a Good Local Realtor can help to find reality.



Market Value is what someone is willing to pay for a property. But Sometimes, what a person is willing to pay and what a Bank is willing to Loan, are two different figures...



Much can be said about the Benefit of having a Competent Realtor working for you and Looking after Your Best interests. Possibly saving a lot of $$$ and/or Headaches...
If your the Buyer, their services will normally be paid by the Seller anyway!



Who's Looking out for you?



Good Luck to you!



Lee Goade

Reliant Realty

505 E. Main St

Hendersonville, TN 37075
1 vote Thank Flag Link Mon Jan 24, 2011
You can start by contacting a local Realtor and ask them to do a CMA for your property of interest. They will be able to pull the recently sold comps for properties close in proximity and similar in size and ammenities to your property of interest.
1 vote Thank Flag Link Fri Jan 21, 2011
Kelly,

As stated below, finidng a real estate agent that you are comfortable with and that you are confident in the abilities of is the key factor. A CMA ( Comparable Market Analysis) is the first step. Then if you are confident with your findings you can go with that information or you can have an appraisal done. The appraisal will be a cost to you but will give you good market value. This will allow you to make an educated offer or set an educated selling price.
As always this is general information.
0 votes Thank Flag Link Thu Oct 18, 2012
As other agents have said, you really need to find a Realtor who can do a market analysis. Keep in mind that it doesn't cost you anything to have a Realtor represent you as a Buyer's Agent. Their commission is paid by the seller typically. If you need the name of someone in your area, let me know.
Web Reference: http://www.sallygrenier.com
0 votes Thank Flag Link Fri Jan 21, 2011
Kelly:

Find a Realtor® That you trust. Your family and friends are a good place to start... or of course finding someone that you click with here on this site. Once you find a Realtor to work with, they can do a CMA or Current Market Analysis of your home. This report shows you how like propeties compare to your own... what has sold, what is on the market ~ that paired with your own situation and priorities will help guide you to the best price for you to start at for your home.

Feel free to contact me should you want more information. Good Luck!
0 votes Thank Flag Link Fri Jan 21, 2011
Contact a Realtor who can provide you with a comparable market analysis.
0 votes Thank Flag Link Fri Jan 21, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer