death in the family

FAQ

Frequently Asked Questions

  • What is a property appraisal and why is it necessary?

    A property appraisal provides an unbiased estimate of a property’s market value. It’s essential for buying, selling, estate planning, divorce settlements, and financial reporting.

  • How does a property appraiser determine market value?

    A certified property appraiser evaluates comparable sales, property condition, location, and current market trends to provide an accurate market value appraisal.

  • What is the importance of date of death appraisals?

    Date of death appraisals are used to establish a fair market value for a property as of the owner’s passing. This helps with tax reporting, estate settlement, and probate court documentation.

  • How is a date of death valuation different from a current appraisal?

    A date of death valuation or retrospective house valuation determines a property’s worth on a past date, typically the date the owner passed away, unlike a regular home appraisal which reflects current market conditions.

  • Why should you hire an appraiser after a death in the family?

    A professional death valuation ensures that inherited property is accurately valued for estate division, tax planning, or selling purposes, helping avoid disputes or IRS penalties.

  • What role does a home appraisal play in mortgage lending?

    Mortgage lenders require a certified home appraisal to ensure the loan amount does not exceed the property’s market value. Visit our page for mortgage lenders to learn more.

  • What is involved in a home inspection versus a property appraisal?

    While a home inspection checks the property’s physical condition, a property appraisal evaluates its financial worth. Both are crucial in real estate transactions.

  • How can estate planners benefit from property appraisals?

    An accurate market value appraisal supports efficient estate division and taxation. Learn how our estate planner services can help navigate the complexities of estate administration.

  • What is the FEMA 50% Rule and how can appraisals affect compliance?

    The FEMA 50% Rule restricts substantial property improvements in flood zones. A detailed property inspection and valuation can determine if the renovation exceeds the 50% threshold of the property’s market value.

  • Why is insurance replacement cost different from market value?

    Insurance replacement cost estimates how much it would cost to rebuild your property, not what it could sell for. It helps ensure you’re properly covered in the event of a total loss.

  • Do I need a property appraisal during estate planning?

    Yes. An accurate property appraisal helps avoid legal complications and ensures fair asset distribution during estate planning. Visit our estate planner page for guidance.

  • What is the value of a property inspection before selling a home?

    A pre-sale property inspection reveals potential issues that could affect a sale or appraisal, giving sellers time to address repairs and justify the asking price.

  • How do I know if my appraisal meets lender requirements?

    Our certified property appraisers are experienced with lender-specific formats and requirements. We ensure your home appraisal meets all compliance standards.

  • Can I use an appraisal for both insurance and estate planning?

    No, a home appraisal for estate planning is based on market value, while insurance replacement cost reflects rebuilding cost. Each serves a unique purpose.

  • When should I update my property's market value appraisal?

    Update your market value appraisal every 1–3 years or after major renovations, life events, or market changes to keep your financial plans, insurance, or estate documents current.