In the event that an estate has a transfer of ownership because of a death or inheritance, oftentimes,a real estate appraisal is needed. When it comes to settling an estate, most people don’t know very much about the steps involved until they actually go through the experience themselves. During the settlement process, an attorney or accountant will order an appraisal and have a family member or executor select an appraiser for the job at hand.
Depending on the circumstances at hand, it’s been our experience that estate appraisals are commonly ordered 2-6 months after the death of a loved one or the 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.
Because of this delay, retrospective appraisals in date of death and estate appraisals are fairly common. These involve appraising a home based on a ‘prior date’, therefore ignoring any changes in the market in the 2-6 month idle period. This “prior date” is typically the owner’s date of death, hence the reason why estate appraisals are often referred to as ‘date of death’ appraisals.
While the retrospective appraisal is often ordered for tax purposes, most families will also request a current value appraisal for sale purposes, or settlement between the estate heirs.
Every estate situation is different and the type of appraised value required all depends on the particular needs of the estate. Regardless of the complexity of your needs or the elapsed time, our team of certified appraisers here at Appraisal Services Inc. understand the difficulties involved in assessing the value of a property under these trying circumstances, so you can rest assured that we will provide you with the best possible experience.
Our Principal Appraiser, Diana Kanitz, has over 14 years’ experience in dealing with estate and date of death valuations. In fact, a large number of attorneys, accountants and financial planners have come to rely on Diana Kanitz and Appraisal Services for our opinion of values when formulating real property values during estate settlement proceedings.
We hope that we’ve offered you a bit of insight into the process of estate settlement as it pertains to real estate appraisals. Additionally, we’re happy to speak with your attorney or accountant to clarify exactly what’s required for your situation.
Give us a call today at 702-240-2335 with any questions you might have.