Posted by Matt on February 25, 2002 at 03:23:33:
You determine the FMV (fair market value) of a house by doing comps. have your realtor do them for you when you look at properties and have them available to you when you go to see any houses that you’re interested in. i have my realtor run comps on anything i invest even a drive by in so that i can also drive by the comps if/when i’m interested in the subject property. this saves alot of excess running around town later. the houses just around the one you’re looking at will not necessarily give you any idea what your property is worth. you need to look up sales of near identical properties in recent months in order to figure out it’s value. talk to your real estate agent and have him do the comps… he’ll know what you need. if you don’t feel you can trust him call another realtor and ask them to run them for you. keep in mind that cultivating a good relationship with your agent is worth it’s weight in gold.
hope this helps.
MPD Investments Inc.