While your agent can do a comparative market analysis (CMA) of sales in the neighborhood, it’s not the same as an appraisal. When working with cash buyers, we often get asked “do I need an appraisal when I’m paying cash for the property?”.
If you are paying cash for a property and it’s not priced at a significant discount, then we always recommend you spring for the $400-$500 cost of a professional appraisal to be sure you are not over-paying.
That’s great deal won’t seem like such a great deal if you find out the property isn’t worth what you paid for it.
