Appraising in Delaware, the Blog...

Probate Appraisals
August 23rd, 2022 10:24 AM

If you have dealt with the passing of a loved one you have probably heard the term probate used at some point in time. The quick and easy definition of probate is the legal process that a will must go through before any of what it outlines can be given to its beneficiaries. What does an appraisal have to do with any of this? Well if there is a home involved you are going to need to know the selling price of the home. 

The appraisal will help you figure out a few different things that may impact you or any of the other heirs. It can help know what the costs of the home would be if you need to sell or split up the money between more than one person. It can help you get ready for taxes. What the price is, even if it is gifted to someone. It initially just eliminates any questions about the home and what it could be sold for.

Probate appraisals are done per the date of death (DOD). The laws on how quickly a will must go to probate will vary from state to state, some will have as small as just a few weeks and some states may allow up to 5 or more years. The time that you send the will to probate will not affect the effective date of the appraisal as it will always go back to the DOD. 

One thing to take into consideration though is that it may be tougher and in turn worth more money for the appraiser the longer you wait to get the appraisal done. The longer between DOD and the appraisal means there are things that could vary largely, from the market to the condition of the home which means more searching and work for the appraiser. 

Here are some of the things you can have prepared for your appraiser when the time comes for you to reach out for an appraisal. 

  • The date of death

  • Information about the condition of the home at the time of death

  • Any updates or changes to the home since the date of death 

  • The lawyers information for any questions and as a contact to send the appraisal to

  • Any legal documents that could help the appraiser out (deeds or surveys)

The appraisers want to be as thorough as possible when doing these types of appraisals so that they can best help you. Try to do research and find appraisers that work with estate/probate appraisals regularly because they do have their own outlines and needs. It will help you know that you are working with someone who knows their stuff. Anything you may have missed in collecting prior to reaching out for the appraisal will be something they can easily spot and help you out with.

Posted in:General
Posted by Patricia Persia on August 23rd, 2022 10:24 AMPost a Comment

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