What is the best method for getting current FMV on properties?

Have your realtor run comps on other simular properties in that area that sold recently.

I do not as of yet have a realtor to work with.

Ok I sometimes go to propertyshark.com and look to see what the house last sold for, who owns it and when it last sold. I can also look that up on ACRIS.com in NY. Then I knock 80k off of that price if it was during the boom because most houses around this area lost like 60-80k in value. You basically have to crunch the numbers. I do so in my favor to make sure I give myself room for error or unexpected costs.
The best way is to get comps from a realtor, But you can work around it if necessary.

Thanks a lot for your informative reply. I appreciate it.

Hi and welcome to the DG family!
Finding the FMV for today's market has me stumped too. But I am learning it. I re-read pages 129-150 in the "Profit from real estate now" book. It helped a lot!!
I am still learning so anyone here with more experience that is reading this PLEASE JUMP IN. So we both learn Thanks.

Thanks to the help from a wonderful person on this website that helped me with a method to get an idea of current FMV by FIRST LEARNING to get an idea of how to do comps. I am now able to get an idea on my own. I did not have an agent either.

From my helper - "making adjustments between a subject property and comps: The idea is to start with the sales price of the comp and transform it into an indicated value of the subject by adding and subtracting for the differences."

The general idea is:

Take your subject properties asking price of say $120,000.00
Pick some comparable properties in the same area that SOLD for around the same price as your subject.
Pick comparable props that are FOR SALE around the same price as your subject.

When looking at those comps take into consideration & make adjustments:
*square feet of property (to figure out cost per sq ft divide asking price by sq ft- example- $120,000. / by 1400 sq ft = $85.71 sq ft.)
*beds & baths
*age of home -year built
*lot size
*amenities
just to name a few.

You can go further into it, look at what may make a property more attractive to a buyer than the other to make adjustments.
Prop does or does not have - Pool, garage, level lot vs, a view etc. If these adjustments are done sensibly they can give you better idea as they are a matter of judgment.

For example From my helper- "Your subject has no garage, but the comp does, and it is felt to have contributed $6,000 toward the sale price. You subtract $6,000 because the subject lacks one."

I also found the info on this page helpful-

http://www.frontdoor.com/Sell/Home-Sellers-Guide-Determine-Fair-Market-V...

Try these sites too. www.eppraisal.com and www.trulia.com These sites are free.

Just to mention, I was petrified to call agents on listings I saw. So I gave it a whirl and have come to find out that SOME are very helpful in giving you info. But I also like to do my own drive by and check out the area myself. It is amazing what you find.
Hope this helps.
Good luck!!
Regina

that is one of the reasons to get a good real estate agent to work with.they can help you with your comps.sometimes they are the best source of this info.
that's why it is very important to get an agent to partner up with.you might have to screen out alot of them,but it is worth it!

The most accurate and most detailed comps come from the MLS database that only your real estate agent or an appraiser have access to. They have unlimited search capabilities. In other words they can search on any field on the MLS printout. Remeber comps need to be current. Make sure you check sales dates. Another benefit to realestate agent comps is the days on mkt field. This gives you a good idea of time needed to mkt property. Remember you make your money when you buy the property.

Although a good real estate agent is the preferred source for comps, you should also do your own research. Comparing a number of the sites listed in the book making sure that you take into account the dates and similar properties in that area currently for sale will give you a general idea. But I would highly recommend a real estate agent and you can use the info they give you and compare it to your research.

Dediacated & Motivated

You never know for sure what a home will fetch until you put it on the market, and then it is partly a matter of luck. Will the eager buyer who shares your taste in home style and neighborhood show up on day one or day 200?

Some Web sites -- including Zillow.com, HomeGain.com and Cyberhomes.com -- provide estimates of individual home values. These estimates are largely based on recent sales of nearby homes, and in some cases they are wildly off the mark. But they often provide a ballpark idea of a home's value.

You might come closer to the real value by talking to a local agent and looking at recent prices for homes that you know are very similar to yours. If you want to be more scientific and don't mind paying a few hundred dollars, hire a professional appraiser.

I'm eating all this info up.......

I'm eating all this info up.......

Regina,

This is a great posting. Thanks for the info, this is making getting the first deal alot easier.

Thanks,
Rick C.

Thanks guys for making this forum, even though I have been doing alot of property searching and determining FMV for alot of properties, you can never know everything about any thing. But one question that I have is while you are determining the Market Value for a certain property How can you Calculate what the property would be worth after you do repairs and a few renovations. Thanks for the help in advance!