Offlinewhat factors do you use to calculate if a house is at least 30 % below the FMV? I am trying to assign a property that's asking price is $490,000, so what would you use to know what 30 % below market value is, since that what the investors like? Please Help Thanks
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You will want to find what the FMV of the property is and go off that number. To find the FMV you need to find what similar houses in the area are selling for. To get comps I would talk to a real estate agent to get the most recent ones. Once you get the comps you can figure the cost per square ft for each comp. Get the average of all the comps take that number and multiply it by the square ft of your property. That will give you the FMV and go 30% off that number.
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Thanks
I am grateful for that very good explanation!
Another entry to my ever-growing notes from this site.
Deb