When the government wants to take your home through condemnation. What makes the concept of a fair market value interesting is that different people may define this expression to mean a wide range of values. This is not surprising because many factors can play into creating a valuation including property location, age, lot size, local market demand, condition, financing, and related factors. Your best choices are local brokers who are familiar with your area and appraisers. Different brokers may produce differing valuations, so it's important to ask how figures were obtained.
Valuations are also available from appraisers.
Appraisers are specialists who typically provide independent estimates of value for lenders, estates, insurance companies, and others. Market values are important because if a property value is set too high it's likely to languish on the market. If the value is set too low then owners won't get full value. In addition to brokers and appraisers, other sources of general price information include local property tax offices, open houses, and newspaper ads. All Rights Reserved.