REAL ESTATE APPRAISALS FOR INHERITED PROPERTIES

Upon the death of a resident in Florida, a personal home or other real estate is often part of the decedent’s estate. What happens to these assets may depend on what estate plans had been put in place. In some cases, a person may choose to leave a home to a relative who will then live in the home. In other cases, a home or other property ends up being sold. This can happen when a will or a trust was in place or even if there were no such estate planning documents.

When family members or trustees seek to sell a home after a person’s death, they try to seek the best purchase price possible as with any real estate sale. However, settling on the desired purchase price is not simply up to the buyer and the seller. The value of the home’s or property’s appraisal can also impact a final real estate contract.

According to Appraisal Institute, appraisals can be used to identify taxable value as well as to confirm a valid purchase price.

Bankrate explains that if a property’s appraised value is lower than the purchase price agreed upon by the buyer and seller, the sale could be stopped. The only other options would be for the buyer to pay more to make up the difference or for the seller to reduce their asking price to meet the appraised value. One way to avoid being in this situation is for a seller to get an appraisal before listing a property, using the appraised value as a guide to a listing price. This appraisal can even be supplied to a buyer’s appraiser as reference.

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Written by Luis E. Barreto

Luis E. Barreto

Luis is a probate and guardianship litigator with over 23 years of experience in the field. Determination of heirs, will contests, breaches of fiduciary duty, removal of personal representatives, guardians and trustees are just some of the types of litigation he addresses. In addition, he administers non-contested estates and guardianships.