CMA's are free.

In your circumstance why don't you hire an appraiser since you don't have any intention of using a Realtor to market and sell the property. This way you have a determination of value (appraisal) rather than a range of values. The appraisal will be a strong tool for you particularly if you are a FSBO seller.

As a retired appraiser, I usually suggest going the realtor route because there is no cost to you. You can still do that. You don't sign on the dotted line for representation until after the comparable analysis is presented to you for review. If you sign a listing agreement with a realtor, at the time of composition of the agreement, you would need to specifically exclude the potential buyer from the agreement. These purchaser's exclusions are common.

If it were me, I'd interview a couple of realtors. They will present you with their analysis. Once you have interviewed two or three, you should be in a position to set a price with your private buyers. You may want to list with an agent anyway. You take the chance that by exposing the home to additional buyers, you get a better price. Plus, the agent will deal with all of the details while you deal with caring for your mother. Listing with exclusions will get you your cake and you can eat it, too.

You can hire an appraiser to provide a similar service. It's really just access to the MLS with a list of comparable properties for you to review. No final valuation will be provided by the appraiser. An appraiser will charge $75 to $100 to pull comps.

Either route will work.

Realtors are not allowed to charge for CMAs.

NCreal -- thanks, I didn't realize that.

Denita and Homechef -- One of you says the appraiser will provide a valuation and the other says no valuation will be provided by the appraiser. Wha...?

Homechef was giving you an alternative process (appraiser pulling comps) rather than providing an appraisal. Appraisals are not free.

CMA's are free. They are provided by real estate agents/Realtors and not appraisers.

That's why it sounds like a conflict in information. A Realtor doesn't provide an appraisal, only the CMA.

As an appraiser, I have access to the same information as a realtor. I can provide the information to you upon your ordering it. I will most likely charge you a fee for this information. That's how I make my living.

What I cannot do is provide you with a valuation or valuation range. This would be considered an appraisal. If I provide you with an appraisal, I must comply with the appraisal standards.

Yes, I can provide you with the data, but no analysis. I will charge you for it. This is why I suggest to most people to engage a realtor for this task. A realtor can provide you with the data and an analysis. This is not an appraisal. A realtor most likely will not charge you because they hope you will engage them to sell the property.

Denita is correct. There are two ways to get this information, realtor, preferred method, appraiser, secondary method.

You are under no obligation to list with a realtor if you use their services. But, you do get their information to use for your purposes.

The best practice is to contact three realtors. Ask for their sales pitch. By the end of the interviews, you should have a good idea of a valuation range.

I hired an appraiser when we sold our last home. They charged $350 and did a full valuation, using comps with adjustments. I just have more confidence in appraisers as a group than in realtors as a group, to value appropriately.

When we were unsuccessful selling it FSBO, we eventually listed with a realtor, and those we interviewed all told us we were priced right.

While I'm not a professional in this field I can tell you what's happening locally. The agents are giving very high valuations to get the business, then want the seller to come down, down, down fairly quickly once they've secured the business. Many times the bank appraisers won't appraise for the agreed price because they feel it's too high. So which will best give a valuation on which a buyer can get a loan?

IME a good, experienced agent won't do that (high valuations and then press the seller to come down after they list). They will show you the comps and go over the report with you to show you why certain adjustments were made to come up with a value. Some agents may or may not be able to discern what is truly a comparable property.

Thanks, all, for your help. I decided that, if the private buyer is interested in the property, I will pay for an appraiser to ensure the offer is supported by data. If the private buyer isn't interested in the property, I'll get CMA from 2-3 area realtors (as I'll have to list the property anyway).

That sounds like an excellent plan of action. Best of luck to you.

An appraisal can be done base on historic data. We do them all the time. If you need one for Medicaid, it's not hard to do well after the fact.