How to a property valued for probate
Estate Appraisal | Valuation of Property for Probate Purposes
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Estate appraisal, valuation of property for probate purposes. That's our subject
today and we're gonna get started right after this
~INTRO~
Hi, I'm Kim Ward, real estate
advisor in San Diego California and expert with helping sell homes in
probate or trusts. Welcome back to my channel! If you're new here thanks for
joining us today. I post new videos every week, and to be notified
click the bell button and subscribe. So, what's important about estate appraisal?
valuation of property for probate purposes? A probate case requires the
decedent's, the person who's passed away, property to be appraised in order to
determine the market value of the decedent's home as of the date of death.
The reason for this is that the probate court needs to have an idea of the
home's value. You must go through the process if a loved one leaves a will
with enough property to warrant the full probate process. Also, if there isn't a
will someone will need to be appointed to be the administrator of the estate. To
learn more about that just click on that the link above. If the total value of the
estate is less than $150,000 then you generally will
not need to go through probate in California, but in San Diego any real
estate has a market value WAY over $150,000! What
types of property need to be appraised? all property should be appraised for its
cash value with the exception of less expensive items, such as those that could
be sold at a yard sale. An inventory of estate assets includes non-cash assets
and cash assets. non-cash assets, such as real estate, vehicles, and jewelry should be
professionally appraised to determine the cash value of each of those items. So,
who completes the property appraisal? The appraisal on the house? The person that
does that is known as the probate referee, they're an appraiser.
In California, the probate referee, they will be the people to evaluate the
non-cash assets of the estate. Probate referees are appraisers that are
qualified by undergoing strict educational and testing requirements.
They are appointed by the California state controller's office for each
county in California. I imagine you're wondering what does an appraisal involve?
So, your probate attorney will file documentation to get a probate referee
assigned to the case. When the personal representative, the executor or
administrator, is appointed by the probate court... the probate court will
also designate the specific probate referee that should be used for that
particular state. The probate referee must be used in most circumstances, but
his or her services, they are not free! Instead the fees will be 1/10 of 1% of
the value of the property that is appraised by the referee. The probate
referee typically drives by the house, rarely do they view the interior. Your
referee will research comparable homes within about a half a mile or so of the
decedent's home and come up with a date of death market value. The last thing to
share is that a probate sale must be within 90 percent of the probate
referees appraisal. So, what that means to you as an example is if the probate
referee determines the date of death property value of $600,000
the home would not be able to sell for less than $540,000
that's the overview of what an estate appraisal entails
thanks for watching! And if you found this of value please click the
thumbs up, and if you should have questions or comments please go ahead
and put them below! I will answer the questions and I will read your comments
thank you for watching!
~OUTRO~
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