Estate Appraisal | Valuation of Property for Probate Purposes

Estate Appraisal | Valuation of Property for Probate Purposes

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~

22 thoughts on “Estate Appraisal | Valuation of Property for Probate Purposes

  1. I promoted Probate Biz to an agent in Florida yesterday. Great video on appraisals. We don’t have probate referees in Az.

  2. Are you an executor, administrator or trustee and looking for help with a probate house or house in a trust? Having successfully guided over 500 estate representatives, my team and I have the right experience, skills and resources to help you put all the pieces together. Feel comfortable reaching out to me – just call 619-741-0111 or email me at [email protected] – To see what others, like you, have shared about their experience working with us, visit:

  3. How can a probate referee accurately estimate the value of a home by only driving by and not checking on the interior condition?

Leave a Reply

Your email address will not be published. Required fields are marked *