Estate Appraisals

Performing an appraisal on an estate can be a vital part of settling that estate. It is just one facet of the job of a real estate and land appraiser, whose job is to try to establish a reliable assessment of the value of a property. This is most often performed at the behest of a lender, who will need the appraiser to inspect the property to make sure there are no hidden defects.

Structural defects represent the most dangerous part of an appraiser's job, Although it should be easy to spot any defect serious to have a major negative impact on the price of the property, there are still some potential problems which can remain hidden from view, creating a different type of problem altogether.

These problems are no less applicable to the situation where a property is being sold on as part of an estate. The difference, of course, is that it is not a lender who will have asked for the appraisal to be carried out, but an executor in charge of discharging the value of an estate. In this case, it often necessary for the appraiser to perform a retrospective appraisal, in an attempt to calculate what the value of a property would have been at the time of the property holder's death.

This special case involves a confidentiality provision which will need to be adhered to. If you are the executor of a will, you will want to talk this out with any prospective appraiser, to make sure you are happy that the appraisal will be carried out with the required level of discretion.

It really is important to have a professional appraisal carried out if you are in the situation of having to dispose of the assets from an estate. This is even more so if the amounts involved are substantial. A professional appraiser will not only carry out the appraisal, they will back their findings up with a detailed report.

This report will basically be in two sections. The first section will be the detailed analysis of the land and property itself. This will pay special attention to the soundness of the structure of the property, which will have the major bearing on the possible future sale price.

The second section of the report will study the statistics of properties sold in the same area, or in similar areas, around the time of the passing of the deceased. These statistics give the authorities and anyone administering the estate the best possible chance of arriving at an accurate figure. The degree of accuracy will obviously depend to a degree how liquid the property market is in any given area at that time. The greater the number of sales to extract data from, the greater the likelihood of the figures in any given case being accurate.

These figures, and the first part of the report on the actual property itself, combine with the photographic evidence presented to back them up, to show the authorities what they need to know. There is no question that this will ease the administration of the appraisal estate.

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