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 a bit of insight below into the process of estate settlement as it pertains to real estate appraisals.
When an estate has a transfer of ownership due to death or inheritance, it is very common for a real estate appraisal to be needed for tax purposes. Often times during the settlement process either an attorney or accountant will order an appraisal or have a family member or executor select an appraiser for the job at hand which is most often the case.
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 or date of death 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 Chicagoland Appraisals 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, John Tsiaousis, has nearly 20 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 John Tsiaousis and Chicagoland Appraisals for our opinion of values when formulating real property values during estate settlement proceedings.