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What is the difference between an appraisal and a CMA?
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CMA stands for Comparative Market Analysis. An appraisal is done by and appraiser usually for the lender of a mortgage on a property. The appraisal is the attempt of the lender to determine if the property is worth what a buyer is paying for it. That insures that the lender is not lending on a property that is overvalued, which would increase the lending risk.
The CMA is used to determine the value and therefore the offer price of a property. A CMA can be prepared for listing a property or for determining the offer price for the purchase of a property. In Aspen with its many unique properties it take experience and market knowledge to do a correct CMA. But once the data is presented it will be clear to everybody involved what the correct price range should be. |
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