Fair market value is important matter because it shows the fair price for both seller and buyers of real estate, whose price itself is determined by court.
On certain point, the seller certainly want the fair market value is as high as what they expect to send many benefits, while at the same time, the government or personal buyers will also show that value to be low for minimizing the losses. Here are some facts of how to determine the property market value.
#1. Find the Resource
You should find the website that enables to help you find the data of recent real estate sale so that you can know he fair amount of market value.
#2. Find the Three Homes Latest Home
After that, you can use the websites you have seek for to find the latest three homes that have been sold near your living within the duration of six months.
#3. The Witness Testimony
This is considered as the most significant factor that supports the market value of real estate’s determination done by court. The witness then is required to be qualified in expressing opinions and possess sufficient knowledge of uttering that.
#4. The Sales should be Comparable
Besides witness, the price of the home is supposed to be sale in certain range of cost also influences the court to determine the market value for the property, Therefore, the court can use data, documentation, and comparable sales that involve some conditions such as the dispute time should be close, the fast access or close to that real estate, and the similarity of size, atmosphere, and condition of the poverty.
#5. The Lease Agreement
Witness can use this to help the court deciding market value with the consideration of several things such as the rent payment, the term and time of the lease.
#6. Remember, the Court Will Not Consider This
The court will not consider several five things in determining the market value. They are the price of the property sale, the offering price, the listing price, the profit, and the assessed property’s value for government taxes.
#7. Get the Attorney
Once you are wondering the fair market value for your property, you can ask for real estate attorney. You will be helped regarding the information and the profit you can gain from the determined amount of the fair market value.
#8. Last Sale Price
You should not rely on the last sale price of your real estate because the previous buyer might have spent wither too much or less for it: therefore, it is not relevant to determine the fair market value of your home.
By doing and considering those things that have been mentioned above, you can be assisted to determine the fair market value either for selling or purchasing homes.