Home › Articles › Estate, Probate & Date-of-Death
Can you use a CMA instead of an appraisal for probate?
A CMA can be a useful starting point, but it is not an appraisal and usually should not replace one for an estate. A CMA is an agent's opinion of a likely selling price. A certified appraisal is a written, standards-based opinion of value as of a stated date, which is what tax and legal documents rely on.
For an estate that will sell quickly, an agent's CMA helps set a listing price. For documenting the value of the home at the owner's death, the question is different, and the document needs to answer it. Which one the Register of Wills, your attorney or the IRS will accept for a given purpose depends on the facts, so ask your estate attorney and CPA before relying on a CMA.
What is the difference between a CMA and an appraisal?
A CMA estimates what a home might list or sell for in today's market, prepared by an agent who is often hoping to earn the listing. An appraisal is prepared by a licensed or certified appraiser, follows USPAP, states an effective date and its assumptions, and has no stake in the outcome.
| Agent's CMA | Certified appraisal | |
|---|---|---|
| Prepared by | Real estate agent or broker | Licensed or state-certified appraiser |
| Purpose | Pricing a listing | Opinion of value for a stated use |
| Standards | No uniform standard; agent's judgment | USPAP, with disclosed assumptions |
| Interest in outcome | Often hopes to win the listing | No interest in the property or the sale |
| Valuation date | Usually today's market | Any stated date, including the date of death |
| Inspection | Often a quick walk-through or none | Documented inspection and measurements |
| Typical cost | Free with a listing agreement | $400 to $1,500 for an estate home |
Why does the date matter so much in an estate?
The tax and legal number for an inherited home is its value on the date of death. A CMA usually reflects today's market, so it answers a different question. If the sale is months or years after the death, the two numbers can be far apart.
The heirs' stepped-up basis is set by the date-of-death value, as covered in how the stepped-up basis works. A certified appraiser can value the home as of that past date, even years later, as explained in our article on retrospective appraisals.
When might a CMA be enough?
A CMA can be reasonable when the heirs only want a rough idea of price before listing, and no one needs a documented value for tax, court or a buyout. If any of those apply, or if heirs disagree about the number, order an appraisal.
- A CMA may be fine for: a first look at likely list price, deciding whether to sell or keep, or choosing a listing agent.
- Order an appraisal for: establishing basis, reporting value on the estate inventory or state returns, a buyout among siblings, or any dispute among heirs.
If you are unsure which applies, ask the estate's attorney. Many attorneys ask for an appraisal for exactly the reasons above.
Why do estate attorneys often prefer an appraisal?
An appraisal is independent, documented and written for the stated date, so everyone from the personal representative to the heirs and the CPA can rely on the same number. That reduces disputes and gives the estate something to show if a value is questioned.
A CMA is also prepared by someone who may benefit from the sale, so heirs who disagree may not accept it as neutral. A third-party certified appraiser is easier for everyone to accept. For fees by property type see the cost guide, and for the process see the estate and probate appraisal page.
Common questions
Is a broker price opinion the same as an appraisal?
No. A broker price opinion is similar to a CMA: an agent's estimate of price, not an appraisal prepared to appraisal standards.
Can I use a Zillow estimate for the inventory?
An online estimate is not an appraisal and does not document an effective date or inspection. Ask your estate attorney before relying on one.
Can an agent also be a certified appraiser?
Some people hold both licenses, but a person generally cannot act as the listing agent and the appraiser on the same property without a conflict of interest.
How long does an estate appraisal take?
Many are completed within a week or two of the inspection, depending on the property and how far back the effective date is.
More articles
Can You Get a Retrospective Home Appraisal Years After an Owner Passed Away?
Yes. How a certified appraiser values an inherited home as of a past date of death, what records help, and what limits the work.
How Does the IRS Stepped-Up Basis Work for Inherited Real Estate?
How the IRS resets an inherited home's cost basis to its date-of-death value, with a worked example, what doesn't qualify, and why heirs need an appraisal.
What Is a Date of Death Appraisal in Maryland and Why Is It Required?
A certified retrospective valuation as of the day the owner passed. Why heirs and executors need one, with a worked stepped-up basis example.