Home Buying in Atlanta>Question Details

ME, Both Buyer and Seller in Atlanta, GA


Asked by ME, Atlanta, GA Tue Mar 19, 2013


Help the community by answering this question:


Simple question but not so simple answer.

Market value is what buyers in the current environment "feel" the property is worth. That tends to be the most accurate and timely estimate - and it's also extremely fluid as each buyer has their own conditions and circumstances for buying and the myriad of variables in that seperate process. In other words - "I love it and want to buy but can't qualify"

An FHA appraisal indicates that a contract has been submitted and and FHA appraisal completed. That appraiser has set guidelines for completion - no emotion and all data. This has a degree of subjectivity; appraisers will vary and no two reports will be the same - they should be close but won't be the same.

If this request for a CMA is to counter a "low" FHA appraisal, it's a waste of time. The FHA appraisal will run with the home for six months; that is the market value in the eyes of FHA. An agent prepared CMA has no credibility in the eyes of the mortgage industry, it is not applicable.

Add to that the simple idea that unless the subject is inspected, how can an accurate CMA be completed? Reliance on tax records is a waste of time and while agents can send comps, without physically inspecting a property you cannot accurately bracket possible market value. This would provide a very broad range and broad potential comp pool - it cannot be used to challenge an appraisal.

Web Reference: http://www.hmtatlanta.com
0 votes Thank Flag Link Wed Mar 20, 2013
appraisal amount is over selling price of homes in area. Just making sure I'm not pricing home to high in this market.
0 votes Thank Flag Link Wed Mar 20, 2013
Hello ME,

I am guessing you do not like the appraised amount. A CMA is not going to help, but you can appeal the FHA appraisal based on the facts. Ask your real estate agent to review the appraisal for factual errors, choice of comparable properties, or adjustments that are missing, too high or low. Ask the lender how to file the appeal and for the information they require. This is a quasi government agency, and they have some not so quasi rules you must follow.

Arm yourself with facts, make your case, and let us know how it works out.


Dave Herren
Best Atlanta Properties
0 votes Thank Flag Link Wed Mar 20, 2013
404-736-8635 or 866-952-9449 x1
What's the address? I'd be happy to help you with a CMA.
0 votes Thank Flag Link Wed Mar 20, 2013
An FHA appraisal is going to be the tool used to determine the current market value of a particular home. A CMA cannot be used in the mortgage process.

Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
0 votes Thank Flag Link Tue Mar 19, 2013
Can you please give us the reason you need a CMA? Do you already have an FHA appraisal?
0 votes Thank Flag Link Tue Mar 19, 2013
Post a little more info about your concerns. I own several homes in Ellenwood and the prices have not increased as much as in other areas.
0 votes Thank Flag Link Tue Mar 19, 2013
Send me the address I'll give you the CMA, craigmclendonre@gmail.com
0 votes Thank Flag Link Tue Mar 19, 2013
Flag Tue Mar 19, 2013
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