Competitive (or Comparable) Market Analysis (CMA)
A Competitive Market Analysis (or CMA) is a process that is used to estimate the value of a property. A CMA is completed by reviewing all available information on both your property and similar ones in the area, obtaining recent property sales in an area, and determining what a typical sized house is selling for, given such items as number of bedrooms, number of bathrooms, square footage, etc. By the end of a CMA, the appraiser will be able to estimate the value of all properties in an area. Your property taxes are determined by CMA studies done over the entire county you live in.
Why Is This Important To You?
When filing for bankruptcy, your assets, most importantly your home play a large role in the process. Figuring out the most accurate ‘Fair Market Value’ once you file is critical. Having a professional with experience prepare a Competitive Market Analysis (CMA) gives you the facts and insights to obtain the most accurate and up to date information. The CMA provides a comparison that identifies the similar properties in your area and what they are valued at. The Competitive Market Analysis will help you and your Attorney by producing a Fair Market Value that will satisfy your Trustee.