OfflineIs the FMV what the FMV was before the recession? Or now? The reason I ask is because some of the posts I have read state that the home's FMV is worth more than the "short sale" asking price. I didn't think banks/lenders would short sale for less than FMV... or is it just based on the balance of the mortgage... I think I just answered my own question. I am very new... forgive me for asking a stupid question but I need to know if I'm on the right track.
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You have not lived a perfect day, unless you have done something for someone who will never be able to repay you. Ruth Smeltzer
It is what it is 'til you change it.
FMV is the current pricing at the time of the sale based on comparable homes in the same area that have recently sold. FMV before the recession was higher and in todays market it is at the bottom.
Thank you Esteeanna. That clears it up for me!
Everything works out in the end. If it hasn't worked out, it's not the end.
You have not lived a perfect day, unless you have done something for someone who will never be able to repay you. Ruth Smeltzer
It is what it is 'til you change it.