Eight ways to find out if BMV (below market value) really is BMV
How can you tell if a property is BMV?
It’s not easy and many people will confuse an asking price with value. To establish what the true market value is you often need to dig a little deeper and use more than one source. Here is our beginners guide to assessing the value of a property.
1) Call around estate agents in the area advertising similar properties for sale. Make to calls to the agents posing as a buyer, seller or prospective tenant. You will probably find that some agents quote high prices to sellers and lower prices to buyers. Somewhere in the middle is a more realistic value. This is also a good exercise for determining what kind of rent you can realistically achieve in an area.
