Hey everyone!

I know that there is a FMV formula but I had to quick on how to figure out the FMV formula when you have custom/luxury homes. There are seldom comparables out there for this. Any suggestions would be greatly appeciated. I did ask my title company, but they had very little information for me.

Also, my broker is somewhat giving up on me, so that is why I'm asking.

Any help would be greatly appreciated.


Wish I could help

But I dont know of any way to do FMV other than comparable homes sold in the same area. It will interesting to see if anyone else can provide the info you're looking for. Have a great 2010!


Are the homes in a county that has there information of the internet? If so when u put in the address they usually have an area that will provide recent homes sales. Take 6 or so that are as close to the house u are looking at add the sale prices together and divide by 6 to get the avg price or take the square footage and divide by six to get avg price per sq ft and apply that avg price to the sq footage the house you are looking at. Total View should have something for u if it is in a major metro area. Hope this helps. Your realestate person or even your broker should be able to tell u prices of recent sales in the area for a BPO.
Good Luck


But someone of the sqft of these are not close to someone of the homes I'm looking at. The closest comparable is 4000sqft and the house I'm looking at is 8902. Someone told me to use sqft x location. What the heck does that mean? I greatly appreciate all the advice.


I have a question pertaining to my area on finding FMV.

The more I look and the more I speak with people in my area, people meaning everyone from your average home owner, landlord to REA's, I am finding that I live in one of those 'unique' areas in the US where homes never sell at the same prices they do in the rest of the world.

For instance here in even good marketing times a home that would sell in California, Florida, NY and so forth for around 100G's would actually be listed here around 30G's MAYBE 50. I have also learned that homes that sell in that price market in other areas you would be getting a dump. Here you would be getting a decent home that might need a little bit of lipstick work done.

Also it is not unusual to find homes that are 100 years old or more. Making the value of the home discriminatory. The reason because some people look at an old home and keep on going where others look at an old home and see the value inside it.

Yet another issue I have been running into is several homes I have searched for on the Internet and attempted to run a FMV check on I cannot locate! After speaking with a few people in my area I found the problem. It is not uncommon for home owners 30 years ago or longer to have made up their own house number address. The post office will deliver their mail to that address but it is never listed as a REAL address. Does that make sense to you? It surprised the heck outta me! I found this out by trying to find my mothers property. She told me that the house address was something my pap chose years ago. That in order to get the correct location I had to use the county auditors site and enter in the property code number they have. I did that and with that search I wasn't just down the road and over a hill I got NOTHING.

I called the post office and asked them about this and they informed me that there are A LOT of homes where the owners chose their house number rather than the normal or 'new' way.

All that said how would this affect my ability to calculate the FMV? Should I use comparisons to other houses sold in the area instead? Anyone else run into this issue in their area?


You can't save the world but you can offer a hand up to a few along your way.


I was looking on to find prices on houses in the area of the house I was looking. The website also showed prices of houses simliar to the one I was looking at. I'm not sure how accurate those prices are - but it might give you something to go by. Hope this helps.