What's a Comparative Market Analysis)? CMA What's a Brokers Price Opinion? BPO
If you own property in the Middle Tennessee area or are thinking about purchasing property, I can combine my market research with my expertise to determine what the property might be worth in the current market. Often known as a Comparative Market Analysis (CMA), this procedure involves an on-site view of the property to examine the condition and features. Next, similar properties that have recently sold, as well as similar listings, are compared to your property. Adjustments are made up or down based on the features and condition of the other similar properties. From there, an approximate fair market value is given for the property.
This CMA is helpful in determining whether or not you may want to sell your property, and at what price you would like to list it. As a buyer, it will assure you that you aren't paying too much for your investment. While the comparative market analysis is not an official appraisal, as a real estate agent I use a great deal of similar practices and methods that an appraiser would use to arrive at a reasonable value for the property.
If you are a REO manager at a bank, mortgage company or lender foreclosing on a house, condo, farm or land. I can research the area market and provide a Broker Price Opinion (BPO). A Broker's Price Opinion involves an on-site view of the property. Comparing similar property to subject property along with my market expertise, I come to an opinion of market price. A BPO is similar to a CMA but it involves a bit more research and time to prepare. Not all states require that a licensed Real Estate Agent or Realtor provide BPO's.