Home Evaluation
To find out what your home is worth? It is best to have a real estate professional conduct a Comparative Market Analysis, a CMA as commonly called in the real estate industry, or a Home Evaluation. For a more detailed report, you can order a home appraisal report on your home to know what your home is really worth.
A home evaluation is an unbiased report that is prepared by a real estate professional or a Realtor, by providing current, passed and pending data, with the intention of comparing your home to similar homes within less than a one mile radius, when possible, when similar house cannot be found in that particular area, the Realtor or real estate professional may extend the search to a wider area.
Home Evaluations are used on almost all property purchase and sale transactions, and are definitely used when the purchase involves refinancing by any bank, credit union, or financial institution.
All the real estate professional or Realtor needs to conduct a Home Evaluation or a CMA is the address of the property on which the CMA or Home evaluation is required to be done.
Most likely the realtor will ask questions about the subject property, questions like, the condition of the property, when was the last known renovation was done, the square footage, numbers of floors, numbers of bathrooms and so forth, in most cases the realtor or the real estate professional must visit the property, if it is safe to visit, to verified those information given to them.
All Realtors should have access to the MLS (Multiple Listing Service) system, and based on the information seen in the MLS, an agent will try to find other houses that were sold, within the last 6 months, a few active, and also a few properties that are under contract.
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