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is a certified appraisal better than the real estates market value analysis?

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October 05 2012 - Staten Island
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Yes! Certified appraisel will be the bottom line that a Lender will consider.  CMA's are good for a quick semi-accurate value of a property if a person is thinking about selling but doesn't have any idea the value of his property.  These can be used for consideration by the seller as to keeping or selling their property.
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October 05 2012
The answer would depend on the purpose of the valuation. There are all kinds of values, insurance value, tax value, appraised value, and market value to name a few. A CMA may be a better tool for saleability of the property. A well done market analysis should give you a snapshot of the current real estate market conditions and how they may impact sales price. Again this would all be based on the actual reason the valuation is being done.  
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October 05 2012
Yes, the certified appraisal is the one that the lender is going to accept as a valid over view of comparable properties. So yes. 
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October 05 2012
YES!, NY license law prohibits calling any opinion of value or CMA an "appraisal" unless it is prepared by a licensed, certified, or general appraiser.
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October 05 2012
Yes, a certified appraisar is valid because it is done by a certified professional. However, Market Analysis is ok if you have recent sales within 6 motnhs of similar homes to show.
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October 05 2012
Yes, it should be closer to true value than a CMA. CMA's can be made to show higher or lower numbers depending on need. Now if a real estate agent is giving you market value with out the hopes of listing your home just to give you market value then it could be just as accurate. Appraisers should only be looking for true market value.
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October 05 2012
Yes!
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October 05 2012
I agree, CMAs can tend to swing to the high side as they are used as a marketing tool. Although I have had the same property appraised by two different Certified Appraisers and they came in 25k apart. It is really based on the personal opinion of the comparables by the appraiser and if they think the market is in an upswing or not.
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October 05 2012
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Yes
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October 05 2012
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In general terms yes, a Certified Appraisal is going to be your most accurate unbiased measure. 

There are a few agents that can and will generate a CMA with similar accuracy to a Licensed Appraiser, unfortunately there is absolutely no credentials required or any kind of quality control audits on the accuracy, so there is a great deal of variance in CMA's.  There are also Realtors® that use CMA's as a sales/marketing tool and will present you with what they think you want to hear to get the listing, and hope they can talk you down to market value later.  There is also a tendency, mostly unintentional, for CMA's to error entirely to the high side due to agent hopes and biases for the direction of the market.
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October 05 2012
 
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