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A home's fair market value is, in a nutshell, the price that a buyer would pay a seller in an open market. Many factors go into determining it, including location, size, age, condition and the ...
App Helps Homebuyers Calculate Commuting Costs. Sheree R. Curry. Updated July 14, 2016 at 9:58 PM. Living farther out from the city center can sometimes mean buying a bigger or newer home for less ...
The fair market value of property is the price at which it would change hands between a willing and informed buyer and seller. The term is used throughout the Internal Revenue Code , as well as in bankruptcy laws, in many state laws, and by several regulatory bodies.
The borrower may prefer to select an independent surveyor to undertake the HomeBuyer Report or Building Survey. Mortgage valuation report. A mortgage valuation is for the benefit of the lender. Its purpose is merely to confirm the property is worth the price paid, in order to protect the lender's interests. [18]
Market value or OMV (Open Market Valuation) is the price at which an asset would trade in a competitive auction setting.Market value is often used interchangeably with open market value, fair value or fair market value, although these terms have distinct definitions in different standards, and differ in some circumstances.
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