<![CDATA[Fresno Appraisal Service - Inheriting Property]]>

<![CDATA[Fresno Appraisal Service - Inheriting Property]]>Tue, 02 Apr 2024 08:20:50 -0700Weebly<![CDATA[Articles, Sources, Website, Downloads]]>Sun, 23 Mar 2014 06:07:04 GMThttp://fresnoappraisal.info/inheriting-property/articles-sources-website-downloads Good information is spread across corners of the web, languishing in blog and forum posts, often just out of reach of people who need it.

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]]><![CDATA[What is the role of an appraiser in estates?]]>Wed, 12 Feb 2014 08:14:53 GMThttp://fresnoappraisal.info/inheriting-property/what-is-the-role-of-an-appraiser-in-estates You may ask “What is the role of an appraiser in estates?”
Remember there are two types of appraisers -- Personal Property Appraisers and Real Property Appraisers. - Real Property Appraisers value houses, land, property, personal appraisers like the name implies will value your personal property, jewelry, art, furniture, etc.

Here at Fresno Appraisal Service we appraise your Real Property, homes,l and, property etc.

Just what does an appraiser do?

The licensed appraiser by reason of professional training, experience, and ethics is responsible for furnishing you with an objective third party opinion of value, arrived at without pressures or prejudices from the parties involved. Your appraiser is professional responsible to be correct and accurate in opinions of value.

Fresno Appraisers assesses the true forces affecting the value of property. This includes past values “date of death” appraisals and current “today's value” appraisals.

In accomplishing this, the appraiser cannot allow the general neighborhood composite of ethnic, religious, or minority populations or general condition of neighborhood improvement to detract from a clear and objective evaluation of the property appraised on its own merits.

When selecting an appraiser for estate purposes it is important to:

                                    A.    Licensed qualified appraise

                                    B.    Local appraiser that knows your market

                                    C.    Experienced appraiser – over 10yrs experience

The completed report will be emailed to you. The report will list "effective date of appraisal" and a value. This is the estimated market value of the home. You will can use this value to support your IRS documents and any division between heirs.

Tips & Warnings (ehow)

Property received as an inheritance is not considered to be income by the person who inherits it. The adjusted basis of a home is its fair market value at the time it was inherited. How long you own the property before you sell it will determine whether any profit earned on the sale will be short-term or long-term capital gain. In most cases, when you add up the value of the home at the time you inherited, then add in any costs for improvements you make to the property in order to sell it, the home likely will not sell for much more. If there is no gain when you sell the home, you will owe no capital gains tax.

]]><![CDATA["To Do" Family Discussions]]>Sun, 22 Dec 2013 23:00:31 GMThttp://fresnoappraisal.info/inheriting-property/to-do-family-discussions I would like to share an article, I recently read, on inheriting real property. Italic text are my comments

When you inherit real property, you are likely to have gone through a grieving period and been burdened with the task of managing real estate all in one year. This really hit home with me. My father recently passed away, there were many responsibilities and papers to file.

If you've been a professional property owner, you can probably handle this with relative ease. I consider myself a professional yet it was still stressful to wrap things up. Now if you have your own primary residence and don't intend to move into the property, you must get used to many things as a home owner.

My best advise is to start with a list. If you have siblings, include them when making a “to do” list. Have each sibling make their own list.

To have a successful family discussion, ask each heir to write down several things:

1. What is the current value of the real property? Should we consult with an licensed estate appraiser? Yes/no

To keep things fair it is best to hire a un-biased appraiser to best determine market trends, exposure time and current market value.

2. What do you consider to be a fair rental value for the property?

Estimated rental fees can be included in your real estate appraisal.

3. Are you willing to contribute to the expenses and property taxes, and if yes, how much?

There may be outstanding liens on the property. (taxes, utilities, construction) It is very important that everyone knows what is owed.

4. Are you willing to hold-on to the property long-term (over one year)?

It may be an advantage to hold the property, home values are increasing. (2013)

5. What is the longest term you are willing to hold on to the property?

If one beneficiary wants to sell and one wants to hold on to the property it may be necessary to “buy-out” that person.

6.    How would you rate the condition of the property on a scale of 1-10 (10 being best)?

Condition is a BIG deal.

7.    How much in repairs do you think it would cost to bring the property to market value? This is hard to calculate without a inspection .

I have appraised older home that were spotless – they have been well maintained and updated. I have also appraised homes that – had issues--- repairs would cost more than the home was worth. When I run into assignments I stop everything and call my client. My client is informed of the conditions and can make the decision to proceed with the appraisal. Typically I will appraise the property “as-is” and a second value “as-repaired” (what the value would be if home is repaired)

I hope this gets you started. There are many deadlines when inheriting properties. Consult with your attorney to make a master calendar with the deadlines dates.

Most people are so busy that property management becomes a chore and they soon opt to sell the property rather than to repair and rent it.

“A lot of people have enough to do just to maintain their own property and now all of a sudden they have another piece of property they have to deal with — that’s a little difficult," says Carl Izzo, Managing Director at Fiduciary Real Estate Advisors in Boston.

Why do you need legal advice when receiving real property as an inheritance? Depending on where the property is and where you live, the law varies in taxation of the gain and in the reassessment of the property taxes. For example, in California, if you are a child and you inherited real property from your parents or grand parents, you should explore whether or not Prop. 13 low taxes will apply to you and be sure to complete the proper forms, in a timely fashion to preserve it. For that, you should obtain legal advice from counsel to guide you to be sure you don't lose the prop. 13 benefits.

If you are one of several siblings who have inherited real property, you must know that the grieving process includes an anger stage. By experience, very little gets done in this period. In fact, most fights in estates occur during this period. I think that this is why it took my husband and my bother-in law two years before they sold their father's home.

The decision of whether to keep the property, sell the property, rent the property should be put to a vote, or left to an arbitrator if no agreement can be reached after having several family discussions to see if an agreement can be reached.

If you are the successor trustee, or executor, you must keep accurate receipts for all expenses of the real property before it is distributed. Once the property is distributed, if there are multiple owners, one of the owners should agree to keep the records and print a monthly report of the property expenses for the remaining owners.

So that there are no surprises, you should consult an accountant to advise you of the potential State of California withholdings from sales if you are selling the property. Determine quickly if the decedent had unpaid Federal, State or local taxes and discuss this with the heirs if those have become liens against the property.

If there are homeowners association fees, be sure to pay them on time, so that they do not become liens against the property. Of great importance is the upkeep of home owner's insurance. Be sure it does not lapse and immediately call the insurance agent to get a rider after death. Some companies terminate the policy after death, and you certainly don't want to be left without it.

Regardless of whether or not you intend to sell the property, you must obtain a Licensed Appraisal to establish your basis. Stepped-up basis in most cases is likely help save taxes meaning it would be valued as of the date of the death for purposes of determining capital gains. While this law still exists, you should always consult with your tax adviser and your attorney to determine the rules at the time of sale.

Here is a list of professionals you will need when you are about to inherit real property:

1. Trust and Estate Lawyer

2.    Real Estate Appraiser

3.    Accountant

4.    Real Estate Broker

5.    Home owner's Insurance agent.

Article Source: Mina N. Sirkin,Family Wealth Lawyer http://www.SirkinLaw.com.

]]><![CDATA[The Role of the Appraiser in Estates]]>Sat, 30 Nov 2013 10:35:48 GMThttp://fresnoappraisal.info/inheriting-property/the-role-of-the-appraiser-in-estates You may ask “What is the role of an appraiser in estates?”
The licensed appraiser by reason of professional training, experience, and ethics is responsible for furnishing you with an objective third party opinion of value, arrived at without pressures or prejudices from the parties involved. Estate Appraisers are professionals who are responsible to be correct and accurate in opinions of value.

Estate Appraisers assesses the true forces affecting the value of property. Whether you need a past value “date of death” appraisal and current “today's value” appraisals.

In accomplishing this, appraisers cannot allow the general neighborhood composite of ethnic, religious, or minority populations or general condition of neighborhood improvement to detract from a clear and objective evaluation of the property appraised on its own merits.

In summarizing - the role of the appraiser in estate is to accurately estimate the value of your real property.

When selecting an appraiser for estate purposes it is important to:

Licensed qualified appraiser
Local appraiser that knows your market
Experienced appraiser – over 10yrs experience

]]><![CDATA[Non-Lender Appraisal Reports]]>Fri, 25 Oct 2013 07:21:18 GMThttp://fresnoappraisal.info/inheriting-property/non-lender-appraisal-reports

The main purpose of this blog is to help home owners understand the appraisal process. It can be said that this blog is like a some sort diary.

Speaking of dairies, I remember my first dairy - it was pink with a ballerina on the cover. It also had a little gold key before my brother thought it was funny to swallow it. I wonder if that key is still in his stomach?

OK- back to the task at hand. I will be posting useful tips and information about Real Estate Appraisals. My main focus will be on non-lender appraisals.

You may ask yourself "What is a non-lender appraisal" Non-lender appraisals are not used to obtain loans or for insurance purposes.

The intended user is typically the owner or someone who has inherited a home and needs to know a home's value. When I write non lender appraisal reports I include additional pages that help explain the appraisal process and how the value was determined.
The reports are easy to read, contain vital information and support the appraised value. The final legal estate appraisal reports are 25 to 35 pages long. You can find a table of contents here.

I am available to answer any questions about home values and appraising propet

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