What type of appraisal do I need for an Estate?
The most common appraisal used for a residential home for Estate use is a General Purpose Appraisal Report written by a Certified Residential Appraiser. Estate appraisals are sometimes required for proof of value and we have decades of experience writing these types of reports.
Settling an estate is a monumental learning process, and most people get thrown into it without much notice or preparation. It will usually be an attorney or an accountant that will order an appraisal for an estate, but it can also be a family member or executor. Appraisals are often needed for tax purposes, or to support the value of a transfer of ownership due to death or inheritance.
In virtually all estate instances, the appraisal is written as a retrospective report. The date of death is typically used as the “effective date” of the appraisal and we often receive requests for estate appraisals months (or even years) afterwards.
In some instances, the client may also want a current market value for the asset, for potential listing of the home or settlement between heirs. In these instances it sometimes make sense to get 2 appraisals with one being for the date of death, and another being a current market value. We work with our clients to determine the most appropriate documentation of the valuation tailored to your specific needs.
Our staff are experienced in providing estate appraisal services. We will ensure that our provided services will be catered to your specific family situation. Our appraisals are provided as an independent, non interested 3rd party that can help to resolve disputes related to the asset value.