Mortgage Glossary
Fair Market Value
Defined by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker
Fair market value is the price a willing buyer and willing seller would agree on, with neither under pressure and both informed.
What Fair Market Value means
It is the standard appraisers, tax assessors, and courts use to value property. Fair market value can differ from list price or assessed value. Comparable sales are the main evidence of it.
Florida example
An appraiser set the fair market value of a Bradenton home at $295,000 based on recent comparable sales, slightly below the $305,000 asking price.
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