Market value of a property is simply the value of the property in the open market. Fair market value is the market value of a property which a buyer will pay and a seller will accept without any objection if the property is put up for sale. Properties are not always sold for a fair market price especially when the seller is under any sort of pressure like an urgent need to sell the property in case he is relocating or is in immediate need of money. In such cases the seller often has to settle for a sell price that is much lower than the fair market value of the property. Other situations that can bring the price of the property lower than the fair market value. These are age of the property, location, local market etc.Fair market value is important for any real estate asset at any point of time. it becomes even more important to evaluate the fair market value when the property is being put up for sale, it is being taken over by the government, it is a part of property being distributed among inheritors or it is involved in a settlement for a divorce.There are two means of determining the fair market value of the property. One is comparative market analysis and the other is real estate appraisal.Comparative Market Analysis: As the name suggests this method of the fair market value evaluations involves the preparation of a Comparative Market Analysis by the real estate professionals. They analyze and compare the sale price of similar or comparable properties that had been sold in the vicinity of the property in question. On the basis of this analysis that points at a general market trend the experts arrive at a fair market value for the property.Appraisal: Appraisal to determine the fair market value of a property is a method that is much more thorough than the method of Comparative Market Analysis. In this case an independent professional appraiser prepares a thorough assessment of the property that not only includes physical assessment of the property but also the verification of property data through public records, general market trend and data analysis etc. Property appraisals can bring about a much more impartial opinion of what the fair market value should be rather than the Comparative Market Analysis.Fair market value is the impartial value of the property and the buyer or the seller cannot fix it at will. It is also independent of what the buyer or the seller needs. For example it does not take into account how much the seller needed to pay off the loan, how much he spent on upgrading the house or how much he may lose if he sold at the fair market value. It also does not consider the buyer’s need to find a property at an affordable price. It is what it is and it is more like a certification to authenticity. Fair market value of homes is sometimes also evaluated to be used as an argument for lower property taxes.You do not always need a team of professional to find out the fair market value of property. It is often provided on government sponsored sites. For example if you want to know the fair value of land in Kerala you can go to www.igr.kerala.gov.inзайм на карту без отказов круглосуточновзять кредит онлайн