5 things to let the appraiser know for a “Date of Death” appraisal

Dealing with logistics and paperwork after a loved one passes is not something anyone looks forward to doing, and ordering an appraisal is definitely a part of that. If you are in a situation where a loved one passed away, and you need an appraisal for the IRS (for tax purposes), here are five things to provide to the appraiser. I hope this is helpful.

5 things to provide for the appraiser:

1. When was the date of death? (The appraiser will provide a valuation based on this date even though it’s a date in the past. This is called a retrospective appraisal).
2. Who is your attorney or CPA? (In addition to the IRS, your CPA or attorney will usually be listed as a user of the appraisal report – unless that’s not relevant).
3. Has anything changed about the house since the date of death? (The appraiser will be considering the condition of the property on the date of death, and therefore ignore any change in condition, upgrades or changes in the market since that date).
4. When do you need the appraisal?
5. When is a convenient time for the appraiser to do an inspection? (expect an interior and exterior inspection).

Tips for hiring an appraiser: If you’re wondering how to hire a reliable appraiser, you may want to ask a trusted real estate agent for a referral or ask an appraiser the following questions to help gauge if the appraiser is familiar with your neighborhood or not.

1. How long have you been an appraiser? Tell me about your experience.
2. Are you familiar with my neighborhood market?
3. How many appraisals have you done in my neighborhood over the past year?
4. How familiar are you with “Date of Death” appraisals?
5. How much do you charge?
6. When can I expect the appraisal to be delivered?
7. Will you deliver by mail or email?

Helpful Articles: You may also be interested to read What are ”Date of Death” Appraisals? or When Should you order a Date of Death Appraisal? for further information. Pay close attention to the “Alternative Valuation Date” in the latter article in case you think the market has declined in value after six months of the death of the owner (This could help your situation if value is lower since the IRS allows you to use the lower value).

Do you have any questions or scenarios to share?

If you have any questions or Sacramento area real estate appraisal or property tax appeal needs, contact me by phone 916-595-3735, email, Twitter, subscribe to posts by email or “like” my page on Facebook