Posts Tagged ‘Estate’
Estate Settlement Appraisals in Greater Sacramento Region
We are Lundquist Appraisal Company and we serve home owners and attorneys in multiple counties within the Greater Sacramento Region (Sacramento, Placer, Yolo, El Dorado, San Joaquin, Stanislaus, Solano, Merced…). www.lundquistcompany.com How it Works When an estate has a transfer of ownership due to death, it is very common for a real estate appraisal to be needed for tax and/or inheritance purposes. Typically an attorney or accountant will order an appraisal during such a circumstance or have a family member or heir choose an appraiser for the job at hand. Retrospective Value: During an estate settlement or “Date of Death” appraisal, it is fairly typical for the appraiser to perform a retrospective appraisal, meaning that even though the property is inspected today, the property isn’t valued off of today’s date, but is instead based upon a previous date (usually the date of death of the owner of the property). For example, if an owner of a property passed away on May 16, 2008 and the current date is March 2, 2009, the appraiser would inspect the property today but then base the value on what the market was doing on May 16, 2008. Retrospective appraisals can be challenging in that the appraiser needs to decipher the trends and perceptions of market participants in a previous time period instead of whatever is happening right now (which could be completely different). In a market like today, if much time has elapsed since the death of the property owner, the difference …