Page 7 - Selling the Home of a Deceased Loved One

3. APPRAISALS V CMA

One of the first real estate free. (Note: While I can’t speak for all real

related concerns you’ll likely estate agents, I will be glad to do one for
you at no charge if you need one.)
have is the market value of any

real estate owned. No matter which method of valuation you
choose, make sure it’s done in a

You will need this even before you professional manner and the value is

want or need to actually sell any of the clearly stated in writing on letterhead and

real estate involved in the estate. It with data to back up the value. Also, make

will be needed for tax purposes as well sure that the real estate agent or appraiser
as determining the overall value of the is willing to speak to anyone who may have

estate. questions about the valuation.

When you are asked to get the real Tip: Bear in mind that the value of real

estate valued, the term “valuation” estate fluctuates, so the value may differ

will probably be used. There is a when it comes time to actually sell the
difference between a “valuation” and house. The value could be higher or

a “comparative market analysis” lower depending upon market

(CMA). A valuation is done by a conditions. So, make sure to look at

licensed valuer, and a CMA is done by another thorough and objective CMA

a real estate agent. Most of the time, when the time comes to put the house
a CMA put together by a real estate on the market — especially if it’s

agent is completely acceptable. months, not days or weeks, in between.

So, make sure to ask for clarification from

whoever asks for it because a valuation will

cost you money. The price will vary, but it
will likely cost between $300-$500 but

could run as high as in the thousands

depending on the size of the home and
complexity of the appraisal. On the other

hand, a CMA is almost always done for

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