OfflineHow do I determine the (FMV) Fair Market Value? (from home and with out any money, cant afford an appraiser). I have started making offers, but I must say I think I misunderstood the difference between the FMV and the asking price. Here is why i think so. I got a house thats 102 dom-prop (days on the market),a forclosure,it asseses for 149k, and is listed for 68k. So I made an offer of 44,200 thats 35% lower than the asking price. This seems crazy. I've got to say I started to feel completely foolish and was getting scared to even write the number, let alone type and send it. This is not because I don't have the money, nor because they might say no. It is becuase it dosen't look or feel right to make such a low offer. I feel like it will be insulting to the seller. I must have misunderstood something, right? I mean, if the county's assesement is for almost double the asking price (and the assesments are usauly low compaired to an appriasal), isnt it already a great deal? If they do say yes even at 30% off, I got one heck of a deal ,let alone 45% or 50%. Then, I think if they do accept the low offer it must be because it's got to be torn down and rebuilt. What is the answer?
Please help me.
"The regrets of YESTERDAY are the TWIN thievs that ROB us of the MOMENT!!!
The assesed value in greater or lesser than the FMV. Therefore when we do our own assesment as an REI, we need to determine the FMV, Comps in the area for the last 3 to 6 months within at least 1 mile radius. Consult a REA, you don't need to hire an appraiser. Blessings to all. LA
Everytime you repeat the words "I CAN DO IT" with conviction, you cancel or override your fear and increase your confidence. By repeating this affirmation over and over, you can eventually build your courage and confidence to the point where you are unafraid. -Brian Tracy-