value of real estate. A CMA is not an appraisal, but it does contain some of
the same types of information that you'll find in an appraisal. While banks will
not use a CMA to verify value before approving a loan, experienced real estate
agents can often use the report to come very close to the dollar amount a
property will ultimately fetch.
important to learn how to prepare the reports as soon as you start working
as an agent. Get started by preparing a practice CMA for your own home,
then get more experience by compiling CMAs for any homes or land with
which you are familiar.
agents the ability to perform CMAs with the same computer software that is
used to search for current and sold listings. You'll find that the software is
very easy to use. Instructions included with each system will take you
step-by-step through the CMA process.
- Location and year built
- The total acreage or lot size
- The number of and types of rooms
- Structural details, such as insulated versus single-pane windows, type of heat and air conditioning, size and type of garage, basement, fireplace, etc.
- Facts about components, such as the types of flooring installed Overall condition of the structure and its components
Price (adjustable) Terms (low down payment, non qualifying contract/mortgage) Condition (remodeled or "as is")
Location (sorry, it's where it is)