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About Appraisals >Fair Market Value

What is the best price for a piece of real estate? Mortgage lenders, appraisers, and real estate brokers use what is called the "fair market value" (FMV). FMV has been defined as "the price that a buyer is willing to pay and the seller is willing to accept, when both parties are knowledgeable about the property and neither is under any time pressure to buy or sell". Sounds great, but how is this price determined?

The starting point for determining a fair price may be an opinion of the value or "comparative market analysis". Such an analysis uses information on similar properties which are: 1) currently for sale, 2) already sold, or 3) expired properties (those which did not sell). Local, national and international trends and market conditions must also be evaluated.

By comparing similar properties in each of the three categories and the market conditions, appraisers, lenders and agents come very close to the maximum price that buyers would be willing to pay for a house.

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Q	What was the first land designated by the US government as a National Park?
A	Yellowstone was established "as a public park or pleasuring ground for the benefit and enjoyment of people" in March 1872.
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The Professionals, REALTORŽ, real estate agents and broker for Edmond, Deer Creek and Northwest Oklahoma City Oklahoma home listings, property and land for sale - NUMBER1EXPERT(tm)

The Professionals
Keller Williams Edmond
10 East Campbell
Edmond, OK 73034
Tel: 405-471-1771
Fax: 405-705-7758
Email: theprofessionals@number1expert.com
Lesley Canty a top ~ producing real estate professional has over eight years of experience. Within those years she has developed her skills to give her clients the best services available. She has been putting together one of the best real estate teams to give her buyers and sellers the utmost in attention. Brian is a licensed listing & buying specialist, bringing knowledge of management & sales to the team. As an entrepreneur he has taken multiple companies to the top increasing the average revenues of fifty percent and higher. With his keen knowledge of the areas market & approachable demeanor, Brian makes the entire real estate transaction an enjoyable and smooth process all the way to the closing table.

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