Estate Appraisals / Probate
Property Valuation for Estate Settlement
Home Appraisals Needed in Settling Estates
A Residential Property Appraisal (house appraisal) could be needed when:
- Selling the house to a relative
- Partitioning an estate among the heirs or beneficiaries
- Selling the house to a non-relative
- Before listing the home for sale
- Partial interest (typically income property)
- Federal or state estate tax returns
- Gifts and gift trusts
- Determining the basis for capital gains tax
Who needs the appraisals
- Accountants and enrolled agents
- Gift trusts
- Executors and administrators
Estate Executors /Administrators Arriving at a Value of Residential Property
Settling an estate is an important and sometimes stressful job. As an executor you have been entrusted to carry out the wishes of the deceased as swiftly and exactly as possible. You can count on us to act quickly and with sensitivity to the feelings of everyone involved.
Estate Attorneys, Accountants & Enrolled Agents Rely On Home Appraisal Reports
Attorneys and Accountants rely on our values when calculating real property values for estates, divorces, or other disputes requiring a value being placed on real property. We understand their needs and are used to dealing with all parties involved. We provide appraisal reports that meet the requirements of the courts and various agencies.
Home Appraisal to Substantiate Date of Death Property Value
Settling an estate usually requires an appraisal to establish Fair Market Value for the residential property involved. Often, the date of death differs from the date the appraisal is requested. Our team of Ohio State Licensed and certified real estate appraisers are familiar with the procedures and requirements necessary to perform a retroactive appraisal with an effective date and Fair Market Value estimate matching the date of death. The ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP) binds us with confidentiality, ensuring the fullest degree of discretion.
All too often, people do not fully appreciate the need to have a detailed real estate appraisal prepared in support of the numbers being used in documents filed with revenue authorities. It has been our experience that opinions of value used in documents filed with the revenue authorities (IRS) should be supported by a detailed appraisal report as to how the appraiser arrived at their conclusions, rather than a print out from Zillow.com or an evaluation by a Realtor. When presenting an official appraisal report, prepared by a licensed appraiser, the report will certainly demonstrate to the authorities that the numbers used are well founded and substantiated.
We Give Executors the Facts to Make Decisions Supported by Appraisal Professionals
Having a professional appraisal gives the executor solid facts and figures to work with in meeting IRS and state agency requirements. It assures peace of mind to all family members and everyone concerned because we are there to stand behind the appraisal report should it be challenged.