Webwork - 7:39 pm on May 11, 2004 (gmt 0)

Real estate is rareley marketed for sale based on an appraisal

I've been practicing law for 20+ years, and handle an average of about a dozen real estate closings a year, and I assure you the very first action a real estate agent/broker takes is to survey comparable sales before setting an asking price.

It may not be called a formal appraisal, but the process of evaluating comps before listing a property is 95% of what the appraisal process entails.

When I sell a car the first place I look, before listing a price, is the NADA book and Kelly's Blue Book. Again, it's not a formal appraisal but it's 95% of the work.