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What is the difference between an appraisal and a CMA?
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An appraisal is what your lender will require for determining the value of you property purchase. Appraisals are performed by State certified appraisers that have been formally trained to value properties. I as a Realtor have been market trained to evaluate properties. Both real estate agents and appraisers use more or less the same techniques to value property.
The report I will deliver to you as part of my listing presentation is a detailed comparison of the property you would like to sell with me and past sales. This is what is called a “Competitive Market Analysis”. Actual sales are the best indication of market value. Granted that no house is like the next, but it gives a basis to work of.
In theory the appraised value should match the offer price. Since the offer comes first and the appraisal comes second and the appraiser knows the offer price, this is very often the case.
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