What’s the difference between a registered property valuation and a CMA (comparable market appraisal)? Why should you pay for a valuation as opposed to getting a free appraisal from your local real estate salesperson?
A registered property valuation is a lending requirement.
If you’re crossing your fingers and toes in the hopes of getting that hefty mortgage from the bank, they will usually require a Registered Valuation to confirm the current market value of the property and justify lending you that money.
Secondly, a registered property valuation is an accurate, detailed and reliable report.
Hence why this is relied upon by lenders. A Comparative Market Appraisal (CMA) from a real estate salesperson will provide you with an anticipated sale price range, e.g. $750,000 - $900,000, supported by a basic overview of sales in the area. A Registered Property Valuation takes many factors into consideration and the proper expertise is applied to provide you with an exact market value, being a one dollar figure only.
Did you know the difference? Have you ever acquired both reports for your properties in the past? What did you think? Let me know in the comments below!
