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Fair Market Value?

Posted by Darlene Pieracci on May 8, 2011 at 5:04pm in Short Sale Discussions
When BPO is done, is the "fair market value" based on similar homes with the sq. footage, lot size, bedrooms/baths, amenities, etc?  Does the location of the house (ie in a golf country club) make the FMV go up or will comp for the short sale be based soley on the the actual home, lot size etc?  The short sale we have contract offer on is located in the country club and the home prices are valuated high (based on location).

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Replies

  • Wendy Rulnick May 9, 2011 at 12:54pm
    Darlene - Also remember that the BPO is just an opinion of value.  The person doing the valuation may not stick to standard guidelines and filters information as he thinks fits the situation.
  • Jeff Payne May 9, 2011 at 3:47am
    Location most likely will play a part in the evaluation.  The comps used should be similar in size, room count, age and location just to name a few.   I would not think that the houses are evaluated high in the country club, they may be higher than others but not necessarily "high" based on sales in the country club
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