What follows are some vital points that every estate executor should know about real estate appraisal:
- Only use an appraiser who has been licensed by the state of Illinois, or has been licensed by the state in which the specific piece of property is found.
- Never use an appraiser who is a family friend or known to any heir of the estate. The appraiser must be a neutral third party, and he or she cannot have any financial or friendship connection to the estate or its beneficiaries.
- The property that you’re having appraised will be referred to as the “subject property.”
- Once the appraisal is complete, you will receive a detailed report that shows information regarding a thorough on-site evaluation and an evaluation of local markets and sales data that affect the current price of the property.
In addition to having a property appraised following the death of a loved one, Illinois residents who are preparing their estate plans may also want to appraise the value of their properties as a part of that process. A skilled and experienced estate planning lawyer can help you with selecting an appropriate appraiser and assist you with any other estate planning and/or estate administration needs.
Source: The Balance, “Facts about real estate appraisal,” Janet Wickell, Oct. 20, 2017