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Answers (3)
- Stuart Blend, "branchrecruiter"
- Contributions:2
By definition, fair market value is what a willing seller will sell a property for, what a willing buyer will pay for that property given adequate marketing time with neither party being under duress. If you're looking to buy it then you would be well served to get comparable sales in the general area and make adjustments to the subject property. A real estate agent can be useful for this purpose and typically at no cost. But still, if the seller is under duress the actually price might be considerably less than the appraised value.
- Jennifer Catmull, "Jennifer 1"
- Contributions:7
Zillow's estimate will be based upon current values. However zillow values have varied in both directions...high and low from real current value. There has been alot of foreclosures that have drove home values way down. Your best bet to obtain current value is having an appraisal done.
What is the reason for wanting a value based upon 2.5 years ago?
What is the reason for wanting a value based upon 2.5 years ago?
- Janet & Graham Ford, "Tulsa RE"
- Contributions:671
An appraisal for re-finance is not the same as an appraisal of value for sale. Many re-finance appraisals are way over priced to allow for the lender to lend more $'s and also so the buyer can withdraw more $'s from the home equity. Both parties can be at fault.
As the starting point is April 2008, 2.5 years ago this is now in most part not relevant. Generally appraisals are conducted reviewing the last six months data, but this will be influenced by local market conditions so may be more or less. Check out the Zillow Zestimate for a very loose place to start for a valuation. Then move onto an agent or a licensed appraiser. If there are many foreclosures in your area that will influence the appraisal down against your value you are seeking.
The Buyer sets thee final value in what they are willing to pay for a home.
As the starting point is April 2008, 2.5 years ago this is now in most part not relevant. Generally appraisals are conducted reviewing the last six months data, but this will be influenced by local market conditions so may be more or less. Check out the Zillow Zestimate for a very loose place to start for a valuation. Then move onto an agent or a licensed appraiser. If there are many foreclosures in your area that will influence the appraisal down against your value you are seeking.
The Buyer sets thee final value in what they are willing to pay for a home.
What is the homes' value?
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