When a home is to be put up for sale, what kind of process does a real estate agent go through to establish the fair market value of the home when listing it? Is it exactly the same process banks use to establish the value of a home for such purposes as a mortgage or line of credit, or are there other factors?
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Well the banks will buy B.P.O(broker. Price. Opinion.) to evaluate what they will loan out. A Realtor will do BPOs or CMA(comparable.market.analysis)to get the fair market value we will look at the subject(your house) take in the condition,size, number of rooms and year built. Go back to the office and look in your area see what your competition is around you and what had sold recently. We will suggest a list price by what had been attracting people to look and a sold price to what expect to see in offers by what houses that had sold that was similar to the subject. |
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