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Michael Willette

515 Main Street
Presque Isle, ME 04769

Office: 207-764-4600
Fax: 207-518-6860
Contact Us

About Appraisals and Fair Market Value

Appraisal photoWhat 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 "competitive 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.


515 Main St, Presque Isle, ME
Office: 207-764-4600 | Fax: 207-517-6860

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