We know that settling an estate can be a difficult task. As the trustee, you have many things you need to do and we want you to know that you can count on us to act quickly and with as much sympathy and confidentiality as possible.
When an estate transfers ownership because of a death or inheritance, in most cases a real estate appraisal is needed for tax purposes and often to determine a listing price for the home. We have had many clients that have already been approached by neighbors or prospective buyers and need an appraisal to determine fair market value. The trustee is typically directed by their attorney or accountant to hire an appraiser.
When the purpose of the appraisal is for tax purposes, the effective date of the appraisal is typically the date of death. This means that the appraiser, values the property as of that date and effectively ignores any sales or market data that occurs after the date of detach. This is called a retrospective appraisal. We are very familiar and experienced with these procedures and promise you will be in good hands.
We are also very experience in completing “pre-listing” appraisals and can present a package deal that includes both types of valuations that you need for one price. Our goal is to make this process as painless as possible for you. By hiring an experienced Certified Residential Appraiser, you are assured that you will be able to provide the executor irrefutable facts and an appraisal that will exceed the IRS and Illinois state agency’s guidelines and requirements.