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tsolis_3214
New Member

On the fair market value should it be more than what i sold the house for?

 
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Accepted Solutions
KarenL2
Level 5

On the fair market value should it be more than what i sold the house for?

It depends on what area of the software you are working in and for what date you need the Fair Market Value.  The Fair Market Value is the amount a willing buyer would pay on a specific date.  Therefore, if you need the amount for the value at the time of the sale, it would usually be the same as the price at which the house sold.  If you purchased it as a rental or investment property, it depends on the date for which you are reporting the value.

If you need the value for a date other than the sale date, then you may want to check with a real estate professional or appraiser as they would be able to provide a fairly accurate valuation.

NOTE: This amount could be higher if you sold the property in a Short Sale situation.

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1 Reply
KarenL2
Level 5

On the fair market value should it be more than what i sold the house for?

It depends on what area of the software you are working in and for what date you need the Fair Market Value.  The Fair Market Value is the amount a willing buyer would pay on a specific date.  Therefore, if you need the amount for the value at the time of the sale, it would usually be the same as the price at which the house sold.  If you purchased it as a rental or investment property, it depends on the date for which you are reporting the value.

If you need the value for a date other than the sale date, then you may want to check with a real estate professional or appraiser as they would be able to provide a fairly accurate valuation.

NOTE: This amount could be higher if you sold the property in a Short Sale situation.

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