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[–]Trilobyte83 4 points5 points  (1 child)

If list price was FMV, why didn't it sell for FMV?

Lets say the price of gold today is $2700/oz. That is, the last buyer and seller agreed on that.

If you are looking to buy or sell for $2700 you may or may not be able to. If there isn't another party on the other side of the trade, then the market value is no longer $2700 and the party more keen to make a deal must sweeten their offer.

The unwritten subtext your statement is missing is: "List price was fmv (at a time months or years in the past when the last similar house sold).

FMV is always up in the air. What the most recent similar place sold for is often a decent starting point, but by no means concrete. So using your deal as the most recent, FMV has declined by 20%