CMA's
As is obvious to everyone, I'm sure, I am in the process of preparing my first short sale proposal.
Would someone kindly give several examples of the forms a CMA might take?
Are there known formulas that should be used?
--Anything you can tell me would be great! --
Any book on basic appraisal principles will help. See "Sales Comparison Approach"
Though I agree it's important to learn all aspects of real estate including finance, appraisal, construction, etc., why reinvent the wheel?
Align yourself with a local real estate broker to provide market data (CMA's) in exchange for the listing and sale of your short sale subjects.
As the Manager of your Team, you want the right person in the right position....
As you become more experienced, you may decide to become more 'hands-on' or, concentrate on what skillset you bring to the Team.
[ Edited by TheShortSalePro on Date 02/26/2004 ]
Oops! In the middle of the night I woke up and realized that I had accidently put CMA... (I am fully aware of what CMA's are & how to make them)
What I was actually needing the info on was CBA's... sorry.
Thanks for the well-spoken response though. Would you mind explaining the how-to's of a CBA?
CBA:
Method of measuring the benefits expected from a decision, calculating the cost of the decision, then determining whether the benefits outweigh the costs... meaning, is it worthwhile for the mortgagee to accept your Proposal... if it is, show why. If it's not in their best financial interest to accept your Proposal... then you shouldn't be too surprised when they reject it.
If it (CBA) makes sense, include it with your Proposal... if it doesn't, then don't.
When you devise your Proposals... go with your strengths. If you are a numbers person with a business background... then dazzle them with your math.... If you are a presentation geek (as I am) then make a picture speak 1000 words.... and the words you choose to use will compell them to agree with you and accept your Proposal.
But, before any of that, make sure that your Proposal makes sense. If it doesn't make sense to all parties, then it is a wasted effort.[ Edited by TheShortSalePro on Date 02/26/2004 ]