I understand that I have to identify the Fair Market Value of a property, an apartment, I inherited when my Mom passed. The property will soon be sold.
The real estate agent provided me with a listing of recently sold apartments and their associated sale prices So, I have a listing of five other apartments in the senior community that my lived and which were sold. These apartments have the same square footage as my Mom's apartment. Yes, I do understand it is quite possible some of these apartments might have had some renovations.
The other five apartments were all recently sold with a variance of plus or minus $6,000. That is, from $94000 to $106,000. Average price was $100,000.
I'm wishing to know if this might be acceptable to use as the FMV for the property I am selling.
Thank you. And for those the celebrate the holiday - happy holidays to you.
