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There is a difference between Appraised Value and Fair Market Value (FMV). A professional appraisal is one opinion of what the value is based on historical data such as comps. It is typically used by lenders in order to establish what loan amount is appropriate for the property.
The FMV is determined by the opinion of many potential buyers who will place value on the property using a different method than an appraiser. For example, a potential buyer will use the proximity to their work or their kids school as a factor where an appraiser will not. Thus, the FMV will tend to be a little higher than an appraised value.
So, when trying to determine what price to list the home for sale an appraisal is usually not a great indicator of what potential buyers will be willing to pay. It is a good indicator of what a lender will be willing to lend. A realtor works with buyers and hears feedback and ultimately knows what buyers want and what they ...
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