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Fair market value of home. Fair market value is the price of an asset when both buyer and seller have reasonable knowledge of the asset and are willing and not pressured to trade. Thinking of doing improvements. The irs which came up with the term defines fair market value as the price the house would sell.
The internal revenue service irs uses fair market value to determine the dollar value of charitable donations of assets that are converted to business use and in various other tax related matters. Fair market value describes how much any kind of property including a house is really worth. We ll calculate our best estimated home valuation using the millions of home records in our database.
Fair market value is how much you can list your house for based on its floor plan location condition to name a few data points and the state of the local market. 1 conduct your own comparable analysis to determine fair market value. Fair market value fmv is an important concept in the valuation and exchange of real property and other property.
A home s fair market value is the price it would sell for in a perfectly logical world one where both home buyer and seller are acting of their own free will in other words they aren t desperate. Has a real estate brokerage license in multiple states. Use the chase home value estimator to get a free estimated market value of your home or a home you are interested in.
Information about brokerage services consumer protection notice california dre 1522444.
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