Fair market value

The hypothetical price at which a piece of property would sell between a reasonably informed buyer and a reasonably informed seller. In real estate markets, comparable recent sales (called COMPS) help the buyer and seller decide the fair market value.

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Smart Moves for Buying a Foreclosure

Deals on foreclosures are still out there. But they're not as easy to find as they were a few years ago, and you still need to avoid all of the costly pitfalls that can turn any repossessed home into a burden, not a bargain.