When a property has a transfer of ownership due to death or inheritance, for tax purposes, the IRS will most likely require a certified appraisal to be completed to provide a home value at the date of death. Sometimes an attorney or accountant will order an appraisal, but the majority of times, a family member or executor will select an appraiser. This is probably why you are at my website right now; I can help you with this as I do these all the time.
Retrospective appraisals are common in my business and I do many of them every month. These involve appraising a home based on a ‘prior date’ which is typically the owner’s date of death, hence why these appraisals are commonly referred to as ‘date of death’ appraisals. In addition to needing a retrospective or date of death appraisal, many times the estate will also request a ‘current value’ in order to determine current market value for purposes of listing the home or settlement between heirs. The situation may arise where one family member wants to buy the home and possibly live in it and the rest of the family simply wants to get their money out. Regardless of this, I understand the issues involved and I’ll provide you with the best possible experience. I will be happy to speak with you, your attorney or accountant and clarify what exactly is required for your situation.