I agree that a full appraisal is the most accurate and as a Trustee you have a fiduciary duty to the beneficiaries of the trust.
Also beneficiaries may ultimately come back at you if you used a mere Realtor price opinion to determine value.
You may also want to deduct the normal selling costs associated with an arms length transaction. You may want to split the costs between the buyer and seller so that neither has an advantage. In other words, if it were just sold outright (the best course of action to avoid any future problems) the net amount would be about 10% less than the sale price. It would be unfair to allocate that entire 10% to the buyer or seller so why not split it in half and reduce the price by 5%. Both will gain equally.
Hope this helps.
I would definitely go with an appraiser. The reason for this is that a CMA is very subjective to each individual Realtor and their opinion. Appraisers have more of a definitive line to follow, and there is much less personal opinion involved. Yes, an appraisal will cost money, and a CMA is generally free. In this world you do get what you pay for, and if there are 10's of thousands of dollars at stake, isn't a few hundred bucks a good investment to protect everyone involved?
This is also why 2-3 CMAs are being recommended... they are not as reliable. Would you average the 3, or go with the highest one? The messed up thing is that the correct answer will differ in EVERY situation. Be safe, and go with an appraisal.
Edith Your Chicago Connection & Your Realtor 4Life!
Working always in the very BEST interest of her clients
I have seen so many bad appraisals lately you need to ensure you are using one very familiar with the area. I utilize a unique property evaluation system and would be happy to put together a complimentary analysis for you. It will probably be sufficient for your needs. Please contact me at your convenience if you are interested.
Always at Your Service,
Tom Priester e-PRO