Depending on how long the house has been on the market (as well as local market conditions), its fair market value can indeed drop. What does the realtor say?
The business behind me went for 2,000,000 and two houses on each end of the street went for around 600,000.
Due to the real estate market being what it was two years ago, my ex dropped the price on the home he had with his ex just to be able to sell it. “Fair market value” varies with the market. Sometimes you just have to cut your losses.
The fair market value of your house is what someone is willing to pay for it. In the current real estate market, the fair market value of your home may be less than what it was appraised for. If you do not trust the advise being given to you by your realtor, I would consult with another realtor for a second opinion.
Helena M. Nevicosi
Attorney with Rosen Law Firm
4101 Lake Boone Trail, Suite 500
Raleigh, North Carolina 27607
919.787.6668 main phone
919.787.6361 main fax
301 McCullough Drive
Charlotte, NC 28262
Main Phone: (704)307.4600
Main Fax: (704) 9343.0044
Durham & Chapel Hill Office
1829 East Franklin Street
Chapel Hill, NC 27514
The response posted above is based upon the limited factual information made available and is not intended as a full and complete response to the question. The only reliable manner to obtain complete and adequate legal advice is to consult with an attorney, fully explain your situation, and allow the attorney sufficient opportunity to research the applicable law and facts required to render an accurate opinion. The basic information provided above is intended as a public service only, a full discussion with an attorney should be undertaken before taking any action. The information posted on this forum is available for public viewing and is not intended to create an attorney client relationship with any individual. These answers are provided for informational purposes only, a person should consult with their own individual legal counsel before taking any action that could affect their legal rights or obligations.
House has not sold as ex thinks it should. He and his lawyer are tryng to move to a quick sale. They previously agreed to the realtors price and now want to drop the price. The divorce papers say it must be sold for fair market value. How can I hold them to this?