Technically speaking, the fair market value is the price a property is actually worth. This price can be determined by comparing it with the actual sold price of similar properties using square footage, age, construction, number of bedrooms, bathrooms, and other amenities, etc. A fair market value is what a particular property should sell for in a reasonable period of time when exposed to qualified buyers. A fair market value is usually not the price being asked by the owner or realtor....
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