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What is the difference between an Appraisal and a CMA (Comparative Market Analysis)?

April 26, 2017analysis appraisal CMA comparative difference market

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What is the difference between an Appraisal and a CMA (Comparative Market Analysis)?

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An Appraisal is an analysis based on STATE REQUIRED components which must be included in every appraisal prepared by a State Licensed Appraiser. An appraisal is well documented and will serve to support a value conclusion for many different uses. An appraisal is prepared by a state registered appraiser who is highly regulated in experience and training. A Comparative Market Analysis is typically prepared by a Realtor to use for listing a property for sale. It is based on comparative listings in the area. There are no State Requirements for a CMA. This valuation can be at a minimum, a verbal statement. The CMA type valuation, can not be used for any mortgage transaction and is typically not well supported.