The information in this answer provided by Attorney Ranj Mohip is general information and is not intended as legal advice, nor does the attorney intend to create an attorney-client relationship with any reader by answering this question or otherwise contributing as a member of Trulia.com.
Agreed with all below. Realtors are normally looking for Comparable Properties (CMA -comparable market analysis) This would help to determine "Fair market Value".
The reasons you should consider the use of a Good Realtor for this is;
An Appraisal by an Appraiser or a CMA by a Realtor, are factored using the very same info. Appraisers are very Gun shy right now and can be a bit cautious and conservative on values. As their figures are only their professional "opinions". I have seen where a competent Realtor has shown credible evidence of why a value should indeed be Higher/Lower and the Appraiser has actually readjusted their value figures to agree with the Realtors assessment or opinion.
If you have an eccentric property such as a Farm, Lake House or other, a simple CMA is sometimes not going to provide an accurate value. Even the Appraisal can get skewed, especially for an out of town Appraiser. Again, a Good Local Realtor can help to find reality.
Market Value is what someone is willing to pay for a property. But Sometimes, what a person is willing to pay and what a Bank is willing to Loan, are two different figures...
Much can be said about the Benefit of having a Competent Realtor working for you and Looking after Your Best interests. Possibly saving a lot of $$$ and/or Headaches...
If your the Buyer, their services will normally be paid by the Seller anyway!
Who's Looking out for you?
Good Luck to you!
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Hendersonville, TN 37075
As stated below, finidng a real estate agent that you are comfortable with and that you are confident in the abilities of is the key factor. A CMA ( Comparable Market Analysis) is the first step. Then if you are confident with your findings you can go with that information or you can have an appraisal done. The appraisal will be a cost to you but will give you good market value. This will allow you to make an educated offer or set an educated selling price.
As always this is general information.
Find a RealtorÂ® That you trust. Your family and friends are a good place to start... or of course finding someone that you click with here on this site. Once you find a Realtor to work with, they can do a CMA or Current Market Analysis of your home. This report shows you how like propeties compare to your own... what has sold, what is on the market ~ that paired with your own situation and priorities will help guide you to the best price for you to start at for your home.
Feel free to contact me should you want more information. Good Luck!