Fair Market Value VS. Comps

Hey all,

I haven’t run into this before so looking for some opinions. Have an accepted offer on an REO for 58K. FMV is 70K. I have about 10 recent sold comps that come in at 84K and up. Should I reconsider my offer based on FMV or comps? My feeling is comps cause they were very similar homes sold 0-6 months ago. Thoughts…


my question to you is how are you getting your fmv of 70 when your sold comps are saying 84k and up is the current fmv for this house in the area?

Assessed value is 58K (1999) FMV of 70K is what I found on the cities website under the deeds section. Comps is what my realtor ran for me. That’s the prob. I thought that the FMV and comps should be close. These are 15K apart which might not be a lot I guess. I just don’t want to get burned by buying at 58K. This is a light rehab.


well as you said your site showed the citie has it fmv at 70k which usually is what they are using as tax assesment value sometimes low sometimes high mostly i have found low…you have ran comps from your realtor showing houses have sold for 84k and up the only other thing i would do if your not familar with the area is have an appraiser give you his comps personally i always have more then one source run comps if i think its a deal …good luck hope it works out for you