Estate Appraisals In Houston
Home Appraisers For Estate & Probate In Houston Texas
Real property assets are typically among the highest valued holdings in an estate. Having an accurate valuation for any real property held in an estate is a necessity for a variety of situations including estate planning, inheritance, tax planning, equitable distribution, and more. The most common situation being an estate transfer to heirs due to a death or inheritance, causing a tax event that must have accurate values as of the date of transfer. This settlement process is usually overseen by an attorney or accountant acting as an executor of the estate, though it is sometimes taken on by a member of the family.
Estate Planning
Another very common situation which requires an estate appraisal is the process of estate planning. When drawing up a will and determining asset allocation to heirs, an appraisal will help you establish a base value for any real property assets that will transfer. It is often much less expensive and complicated to settle an estate that has a will than going to probate court.
Probate Court
If a death occurs without a valid will then the estate is left intestate. In such situations the estate will go to probate court with the goal of asset distribution among heirs and estate tax assessment. An appraisal will be required by the courts to determine the equitable value of all real property assets to be distributed among the heirs. While the State of Texas does not have an inheritance tax, the federal government does. Any estate with total assets valued over 5 million dollars is subject to the tax. If an estate has been held in probate it is recommended that you retain legal counsel that specializes in such cases.
Date Of Death Appraisal
The settlement or disposition of real property assets according to a will or probate court both require that the effective value be as of the date of death. This requires the appraiser to perform what is known as a retrospective appraisal. It should be noted that for some tax situations, the date of the appraisal can be up to 6 months AFTER the date of death. An accountant will often times suggest that their client order two appraisals; one values as of the date of death and the other current.
The appraisers at Houston Appraisal Company understand the complexities of real property valuation with regards to estates. We work with heirs, attorneys, accountants, estate planners and executors to make the process as low-stress as possible. No matter what your exact situation is can rely on our accurate and professional appraisal services to assist you.
Frequently Asked Questions
The first piece of information we will need is a complete appraisal request form. This will serve as the “engagement letter” and detail what we are appraising and who our client is for the assignment. Your appraiser will contact you about scheduling an appointment for the site visit as well as determine the specifics of the appraisal process including the date of death to be used on the report. During the site visit process the appraiser will have a few questions regarding the property itself such as any recent upgrades or changes to the property and any known deficiencies.
An appraiser’s inspection of the house is solely for the basis of comparison of other properties, where an inspection is the basis for the absolute condition of all aspects of that particular property.The appraiser briefly walks through the house to get an idea of the general condition and room count.Because as appraiser is not a structural engineer, there may be hidden or unapparent physical deficiencies or adverse conditions of the property at the time of the inspection that he may be unaware of.Knowing the condition and quality the subject property is in better helps appraisers pick out the right comparable sales.In certain cases, if you feel your home has external or internal damage that may be unapparent to the visible eye of an appraiser, you may be prompted to seek the advice of a real estate inspector.
If you’re wanting to sell a house fast, you should do everything possible to make your appraisers job easier. While none of these are necessary, they could help: a survey of the land; a deed, title or property tax report showing the legal description; a copy of the original plans & specifications; a list of recent improvements & their cost; a home inspection report or other document detailing structural, mechanical and electrical soundness of the home.
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#1 Independent Home Appraisers In Houston
We’ve Worked with Real Estate Professionals and Private Clients Throughout the Greater Houston Area Since 2005. Since Then We’ve Become One of the Highest Rated Independent Real Estate Appraisal Firms in Houston Based on Actual Customer Reviews.
Our Reviews Speak for Themselves!
Rated 5/5 based on 7 customer reviews
David N.
“I’ve used this company several times for appraisal work I had in the Houston area. I chose them initially because they are very competitively priced but I continue to use them because their service is top notch.”
Martin M.
“Appraiser came out and did his thing. Received my appraisal in the time quoted. Value seemed reasonable. I’d really recommend them or use them again if ever needed.”
Jim M.
“I needed an appraisal for a property we own in the Memorial area. Our appraiser was professional, courteous, thorough, and helpful. Documentation that was provided following his appraisal was complete and showed significant attention to detail. I didn’t meet him personally but was told the appraisal was friendly and personable as well.”
Matthew G.
“They came out quickly. Super friendly and professional. Lots of follow up and answered any questions I had. All in all I would definitely recommend.”
Matt H.
“The appraiser completed a pre and post-flood appraisal for our home that was flooded. He was very thorough and a pleasure to work with. I would highly recommend!”
Daniella W.
“They were fast and not too expensive. Gave us a good value for my momma’s home.”
Hastings L.
“Our client was very happy with the appraisal report and the process. A+ service!”
