Estate Appraisals
Date of Death Appraisals
Date of Death Appraisals
An Estate Appraisal helps determine the value of the deceased's assets. Estate Appraisals are used to calculate inheritance taxes. The value of the estate may determine the tax liability for beneficiaries. An Estate Appraisal may be necessary to equitably divide assets between parties.
Date of Death Appraisals
Date of Death Appraisals
Date of Death Appraisals
While a Date of Death Appraisal may sound rather morbid, it is an interictal part of the settlement process. The appraisal provides a snapshot of the value of the estate at a specific point in time. This type of appraisal is commonly required for estate administration, tax filings, and the division of assets.
Probate Appraisals
Date of Death Appraisals
Probate Appraisals
When someone dies, their estate typically goes through Probate (a legal procedure to settle debts and distribute assets to heirs and beneficiaries). A Probate Appraisal establishes a fair market value, helps to calculate estate and inheritance taxes, and ensures that assets are divided equitably.
Financial Planning/Trusts
Financial Planning/Trusts
Financial Planning/Trusts
An appraisal for an Estate Trust is often carried out to determine value for various legal, financial, and tax-related purposes. This process is essential when an estate is being managed or distributed according to a trust agreement, especially during events like the death of the trust's grantor (the person who created the trust).
Vacant Land
Financial Planning/Trusts
Financial Planning/Trusts
A Vacant Land Appraisal is the process of determining the fair market value of an undeveloped parcel of land. This appraisal is crucial for purposes such as selling, buying, taxation, estate planning, or securing financing. The appraised value helps stakeholders understand the land's worth based on its location, characteristics, market conditions, and potential use.
Current Market Valuation
Financial Planning/Trusts
Current Market Valuation
A Current Market Valuation Appraisal is a key tool for anyone involved in real estate transactions, whether you're buying, selling, refinancing, or making financial decisions regarding property. It provides an objective, professional evaluation of a property’s value based on current market conditions, ensuring that you make informed, fair decisions.
Pre-Listing Appraisal
Pre-Listing Appraisal
Pre-Listing Appraisal
A Pre-Listing Appraisal is an appraisal conducted before a property is officially listed for sale. The goal of this appraisal is to provide the seller with an accurate understanding of the property’s market value before it is put on the market.
Value Consultations
Pre-Listing Appraisal
Pre-Listing Appraisal
A Value Consultation with a real estate appraiser is a meeting where the appraiser provides expert advice on the value of a property, but it does not include the formal appraisal report that would typically be used for lending or legal purposes. This type of consultation is often requested when someone needs guidance on the value of a property but does not require a full appraisal.
PMI Elimination
Pre-Listing Appraisal
Tax Valuation Appeals
An appraisal for PMI (Private Mortgage Insurance) elimination helps determine if the borrower’s loan-to-value (LTV) ratio has decreased enough to meet the requirements for PMI removal. Once the homeowner has built up sufficient equity they may be eligible to have PMI removed, often based on this new appraisal.
Tax Valuation Appeals
Pre-Listing Appraisal
Tax Valuation Appeals
Using a real estate appraisal to challenge property tax values is a common strategy for homeowners or property owners who believe their property is being overvalued by the local assessor’s office, resulting in higher-than-necessary property taxes. Since property taxes are often based on the assessed value of a property, challenging an inflated assessment can help reduce tax liability.
Bankruptcy
Bankruptcy
Bankruptcy
In bankruptcy cases, the valuation of real property is crucial for determining asset distribution, eligibility for discharge, and other decisions related to the debtor’s financial situation. Whether you are the debtor (person filing for bankruptcy) or a creditor, an appraisal can provide an accurate and unbiased valuation of real estate, which plays a key role in the bankruptcy process.
Bail Bonds
Bankruptcy
Bankruptcy
Using an appraisal for bail bonds is a common practice when an individual needs to post bail but does not have the full amount in cash. In this situation, property (typically real estate) can be used as collateral to secure a bail bond. The real estate appraisal provides an assessment of the value of the property being used, which helps determine whether it is sufficient to cover the bond amount.
Relocation
Bankruptcy
Relocation
An appraisal for relocation purposes is a crucial step in ensuring that an individual or company’s move is financially fair and well-documented. Whether for corporate, government, or personal relocation, an appraisal helps determine the fair market value of a property, ensuring that both the sale or purchase price is appropriate and that any compensation or benefits align with market conditions.
Divorce
Bankruptcy
Relocation
In a divorce, real estate often represents one of the largest assets to be divided. Using an appraisal in this situation plays a key role in ensuring a fair and equitable division of property. It provides an unbiased, professional assessment of the property's market value, which helps in determining the appropriate buyout amount, setting the sale price, and dividing assets equitably.