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Tuesday, October 19, 2010

What is the difference between an Appraisal vs CMA

An appraisal validates the asking price to the buyer.  The appraiser will compare square footage to square footage and condition to condition of property within and around your property.  The appraisal justifies the asking price to the buyer.  When a current appraisal is present Buyers are less likely to offer the Seller a lower price.

A Comparative Market Analysis (CMA) is used to compare current homes on market, expired listings, under contract and sold listings within a neighborhood.  The CMA does not compare square footage to square footage.  The CMA is used by Realtors to get a 'feel' for what current market is - it does not justify the asking price.

When selling your home - think like a 'buyer'.  Buyers what proof that the home will appraise - especially in today's market.  The appraisal gives you the proof you need.

For more information go to: GAforSaleByOwner.com

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