Estate Settlement, What Heirs Should Know...
Probate is the legal process of administering a deceased person’s estate. A house is often one of the most valuable assets of an Estate and can pose some challenges for someone handling the estate of a loved one. The real estate appraiser will provide the estate with an accurate opinion of market value. An appraiser’s job during an estate settlement is to issue an unbiased opinion on the value of the property. This opinion of value may help the heirs determine an acceptable selling price for the property. The appraiser will inspect the inside and the outside of the property including the land, buildings and fixtures. The appraiser will provide the executor, attorney or trustee a copy of the appraisal report.
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Definition of Market Value:
The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby:
• Buyer and seller are typically motivated;
• Both parties are well informed or well advised, and acting in what they consider their best interests;
• A reasonable time is allowed for exposure in the open market;
• Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto;
• The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.
*definition from: The Appraisal Institute’s The Dictionary of Real Estate Appraisal, 5th Edition
The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby:
• Buyer and seller are typically motivated;
• Both parties are well informed or well advised, and acting in what they consider their best interests;
• A reasonable time is allowed for exposure in the open market;
• Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto;
• The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.
*definition from: The Appraisal Institute’s The Dictionary of Real Estate Appraisal, 5th Edition