All probate real estate transactions require that the property of your loved one be appraised. The probate appraisal will be completed by a licensed Probate Appraiser know as a Probate Referee. This process is to determine the monetary value of the assets including the real property (the house) so that the beneficiaries can be confident that they are receiving the right price for the estate. You probably have many questions about the process of appraisal, which is why I have included some of the most common areas that puzzle my Executor or Administrator clients.
Lets Start at the Beginning
When a loved one dies in their estate may require being settled through probate. If a will is drafted, there is often an Executor who is placed in charge of managing and distributing the assets of the estate to the beneficiaries. If not, the probate court will appoint an Administrator. When a home is part of the estate, a licensed appraiser (the Probate Referee) will be needed to assess the value of the estate shortly after the loved one’s passing.
So Why is an Appraisal Necessary?
A Probate Appraisal is not only necessary but also required by state and federal law to assess the cash value of the property. This is to make sure that the estate is properly valued in anticipation of being divided between the beneficiaries and will help to lessen the chance of legal disputes between them upon finalizing the estate. As the Executor of an estate, this will help minimize your stress by removing the burden of responsibility for the final sale price of the property. The appraisal will also help determine the monetary value of the estate for the final taxation by the federal and state government.
What does the Process of Appraisal Involve?
When a probate appraiser determines the monetary value of the probate property, they consider the size of the lot, the property’s square footage, location and the current housing market. The appraiser also considers comparable property sales in the area to help determine the current market value of the house.
How to be Sure the Appraisal is Accurate
The best way to be certain you have an accurate evaluation of the monetary value of the entire estate is by having a reputable appraiser. However the lender for the buyers is ultimately the one who determines the appraised value of the Probate real estate at time of sale. There are steps that can be taken to help ensure that the property is evaluated accurately, but you will need to have an experienced Probate Real Estate Advisor, like me, to help you to receive the desired results of selling the probate house for the best price and terms. If you are looking for a Probate Real Estate Specialist with many years of experience, look no further. Call me, Charlotte Volsch, at 760-912-8905. You can feel comfortable that my team and I will help you to sell your Probate property with ease.
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