User:RobertR1973/sandbox

Real estate appraisals are used for various reasons the most common is for a sale of a house for mortgage purposes. I plan on adding to the discussion the fact that appraisal can be used for estate planning and to appropriately list your property for sale.

When it comes to estate appraisals for real property every piece of real estate is unique, which means that there are special concerns when it comes to putting a value on houses, undeveloped land, or commercial real estate. If you sell the property on the open market within a year after the death, the IRS and others will accept the sales price as its fair market value as of the date of death. However, there is also the fact that you should value your property prior to death for estate planning purposes.

When selling your property the best tool at your disposal is a real estate appraisal an appraiser will visit the property and assess the size and condition both inside and out. The certified appraiser will also note any amenities, such as a swimming pool, an upgraded kitchen or a great view that could raise the value of a home.

There are many ways to measure the value of a property

Sales Comparison Approach

Income Approach

Cost Approach

These different methods use different procedures bUt are widely accepted to value real estate

User:RobertR1973/sandbox