How the Property Value of Estate Property is Determined

There are several factors that go into How the Value of Estate Real Property is Determined. The #1 consideration of determining property value is condition of the property and premises; #2 is location and neighborhood, and the third is recent sales prices of comparable property values within half a mile of the estate property. The assessed value on real property tax bills generally do not reflect the true value and should never be used to determine the current property value in the marketplace.

Some people think that a private appraisal by a licensed real estate appraiser is good evidence of the value of the estate property, but it can be expensive. As a Real Estate Broker in the Inland Empire & High Desert area, I can provide a fairly accurate Comparative Market Analysis and I do this as a courtesy and at no charge.

Keep in mind, if a formal probate proceeding is required, spending money on a private appraisal is not necessary, nor do I recommend it. A court-appointed referee will perform the appraisal, so the fee for a private appraisal will be wasted. The probate referee will charge a fee for this service. If a formal probate proceeding is required, the real property will be appraised by a probate referee at a cost of one-tenth of one percent of the property value.

Why is an appraisal needed in a probate? The appraisal:

  1. determines the property value for tax purposes so that the gain or loss on sale can be calculated;
  2. sets a property value in the event the property has to be divided among more than one beneficiary/heir; and
  3. establishes a basis to calculate the statutory representative and attorney fees.

A few other things to remember are: when the estate representative is selling a property involved in probate, the sales price may not be less than 90 percent of the probate referee appraised property value. And, the appraisal by the probate referee must be within one year of the date of the sale. The property is appraised typically as of the date of death. So if it has been a year or close to a year from the date of death, I recommend that this is discussed with the attorney. As we’ve all experienced, the market can change in a year, and the court may order a reappraisal to make certain the property is being sold at fair market value.

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Charlotte Volsch

What’s the right way to handle an inherited property—renovate, list, or sell it as-is? I am Charlotte Volsch, an Estate Property Advisor and Probate & Trust Real Estate Specialist helping attorneys, executors, and families make clear, confident decisions when selling inherited homes. I help attorneys, executors, and families navigate inherited property decisions throughout the Inland Empire and High Desert of Southern California, including Apple Valley, Victorville, Hesperia, Rancho Cucamonga, Redlands, Loma Linda, Fontana, and surrounding communities. Over the course of my career, I have completed 774+ real estate transactions across 24 years, including more than 230 probate and trust property sales. For the past 16+ years, I have focused specifically on estate property situations, working alongside probate and trust attorneys, fiduciaries, and their clients to guide each case from evaluation through sale. Many families are unsure what to do with an inherited home—whether to invest in repairs, list it traditionally, or sell it as-is. Without a clear strategy, estates can make costly mistakes such as over-improving a property, underpricing it, selecting the wrong sale method, or facing delays that impact timelines and estate objectives. I help evaluate those decisions early, so attorneys and their clients can move forward with clarity, avoid unnecessary risk, and choose the most appropriate path based on the property and the situation. I work directly with attorneys and their clients to determine the best path forward, whether that involves preparing a property for the retail market or facilitating a direct sale through a network of qualified investors. For properties that require repairs, may not qualify for traditional financing, or are best suited for as-is sale, I provide access to a network of more than 50 active real estate investors. Over the past 12 months, I have closed 68 transactions, reflecting consistent production and experience navigating changing market conditions. I guide each case using the C.A.L.M. Method: C — Clarify We identify what matters now versus what can wait. A — Align We define priorities—legal, financial, and personal. L — Lead I guide each step in the proper order to avoid delays and unnecessary complications. M — Move Forward Clients proceed with clarity and confidence. I am the Broker Owner of The Volsch Team at Volsch Enterprises, Inc., and hold certifications in Probate Real Estate through the National Association of Realtors (NAR) as well as Certified Probate Real Estate Advisor (Probate Biz). If you are an attorney handling probate or trust matters—or assisting a client with an inherited property—I’m available as a resource to help evaluate the best path forward.