It's based mainly on comps and the condition of the house.
Also, in some markets, the tax assessment represents 80% of the retail value, but this is not written in stone. For example, a house with a tax assessment of $160K will have a FMV or $200K.
(This info comes directly from the President of the Realtors in a top market.) He says this with the caveat that hot areas will have a higher percentage and slums will have a lower.
There is no firm formula, so your best bet is to get a real estate agent in the area to 'eyeball' the property and give a general FMV.
It's based mainly on comps and the condition of the house.
Also, in some markets, the tax assessment represents 80% of the retail value, but this is not written in stone. For example, a house with a tax assessment of $160K will have a FMV or $200K.
(This info comes directly from the President of the Realtors in a top market.) He says this with the caveat that hot areas will have a higher percentage and slums will have a lower.
There is no firm formula, so your best bet is to get a real estate agent in the area to 'eyeball' the property and give a general FMV.