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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 famous writer's home is Rowan Oak?
A	Rowan Oak in Oxford, Mississippi, was the home of William Faulkner from 1930 until his death in 1962.
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Peter E. Buchsbaum AVP
Arlington Capital Mortgage
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Lerch & Associates Real Estate, REALTORŽ, real estate agents and broker for Abington, Lower Moreland and Northeast Philadelphia Pennsylvania home listings, property and land for sale - NUMBER1EXPERT(tm)

Craig A. Lerch Jr.
Lerch and Associates Real Estate
1125 Old York Road
Abington, PA 19001
Phone: 215-884-9980
Fax: 215-884-9981
Email: Internet@CraigsDreamHomes.com

Craig Lerch Jr. has been in the top half of 1% of all real estate agents in America for real estate sales since 1996. While at Coldwell Banker in the late 1990s, he was recognized internationally as one of the company's Top 20 agents out of more than 75,000 agents.

Craig now co-owns a boutique Real Estate agency with his brother Christopher. Lerch and Associates Real Estate serves Bucks, Montgomery and Philadelphia Counties out of three high-end offices.

Craig consistently has been ranked among the Top 300 real estate salespeople in America since 2001. A nationally known and respected real estate speaker and educator, Craig brings a high level of energy and humor into the business of helping buyers and sellers find each other.

He strives to make the buying and selling of real estate as enjoyable an experience as possible, and his agency is a warm and welcoming environment that's designed to build trusting relationships with buyers and sellers alike.

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