In a Sale
What This Means When the House Is Being Sold
Estates routinely need two different valuations and families often order only one. A retrospective appraisal values the property as of the date of death, and that number sets the basis the heirs will use when it is sold. A current appraisal values it today, and that is what a buyer's lender orders during escrow.
They are different assignments and one does not substitute for the other. A date of death appraisal ordered eighteen months later is still possible, and it is usually cheaper and cleaner to order it while the property is still in its original condition, before a cleanout changes what the appraiser would have been looking at.
Compare
Not to Be Confused With
- This TermAppraisal
- Often Mistaken ForBroker Price Opinion
- Often Mistaken ForDate of Death Value
- Often Mistaken ForInventory and Appraisement
What Tells Them Apart
An appraisal is a licensed appraiser's report and is what a lender and a tax authority will accept. A broker price opinion is an agent's valuation, faster and cheaper, useful for deciding whether to sell rather than for supporting a tax position. Date of death value is not a document at all, it is the figure an appraisal establishes. Inventory and Appraisement is the court filing that records it.
Questions
Questions People Ask
Can you get a date of death appraisal years later?
Yes. A retrospective appraisal values a property as of a past date and appraisers do this regularly. It is generally easier and less expensive when ordered closer to the date, and before repairs or a cleanout change the property. A tax advisor can say what documentation a specific situation calls for.
Does the estate need an appraisal to sell the house?
Not always for the sale itself, though the court filing and the tax picture often call for a value. A buyer's lender will order its own appraisal during escrow regardless. Whether the estate needs its own report depends on the proceeding and the tax position.