Real Estate Analysis and Commentary in [CITY]

Real Estate appraisals are needed for settling estates and establishing values for properties in probate. Estate taxes are typically due nine months after the date of death in Philadelphia, so even though that may seem like a lot of time; with all the factors involved with closing out an estate, nine months can creep up on you very quickly. The Real Estate appraisal value will be based off of the date of death of the owner. The appraiser will go back in time and research sales and market conditions based on the date of death. Another time sensitive issue is providing a date of death value for all assets for the decedent, this is required 30-90 days after the probate estate was opened with the courts. For residential property, the sales comparison approach may be the most reliable indicator of value, however if the property is located in a high rental area the income approach may be appropriate or if the property is new construction or recently built the cost approach may be used. If you are in need of a Real Estate appraisal for estate purposes, contact us today to schedule your appointment.