Settling an estate is one of those things that most people know little about until they actually go through the experience. So we hope to offer you some insight into the process of estate settlements as it pertains to real estate appraisals.
When an estate has a transfer of ownership due to death or inheritance, its all to common for a real estate appraisal to be needed for tax purposes. This process consists of either the accountant or the attorney ordering the appraisal and then having the executor or specific family member select an appraiser for this very important task.
It’s been our experience that estate appraisals are commonly ordered between 2-6 months after the death of a loved one or inheritance of a property. Occasionally an appraisal is ordered almost immediately whereas other times the time period may be as long as a year or more depending on the circumstances at hand.
Retrospective appraisals are fairly common in estate settlement situations. These involve appraising a home based on a ‘prior date’ which is typically the owner’s date of death, hence the reason why estate appraisals are often referred to as ‘date of death’ appraisals.
In addition to needing a retrospective appraisal during the settlement process, often times the ordering party will also request a ‘current value’ appraisal in order to determine current market value for purposes of sale or settlement between heirs.
Regardless of your needs or the elapsed time, our team of certified appraisers at Appraisal Experts understands the complexities involved in assessing the value of a property under these difficult circumstances and we’ll provide you with the best possible experience.
Remember, every estate situation is different and the type of appraised value required all depends on the particular needs of the estate. This isn’t something you need to worry about as a good attorney or accountant can easily help direct you toward the type of value needed for the estate. Additionally, we’re happy to speak with your attorney or accountant to clarify exactly what’s required for your situation.
Our Senior Appraiser, Robert Burns, has over 10 years’ experience in dealing with estate valuations. In fact, a large number of legal and financial professionals have come to rely on Appraisal Experts Appraisal Services for our opinion of values when formulating real property values during the settling of one’s estate.
Give us a call today or send us an email with any questions you might have. Were here for you