I Inherited Real Estate. Where Do I Start?
Depending upon the circumstances, you may need a date-of-death appraisal, retrospective valuation, current-market appraisal or another type of valuation. We can discuss your situation and help determine the appropriate appraisal assignment.
What Is a Date-of-Death Appraisal?
A date-of-death appraisal develops an opinion of a property's value as of the date the property owner died. This may require research into market conditions, comparable sales and other relevant information associated with that historical effective date.
Your CPA, attorney or other appropriate professional should advise you regarding whether a date-of-death valuation is required for your particular circumstances.
Read the full guide to date-of-death appraisals
What Is a Retrospective Appraisal?
A retrospective appraisal develops an opinion of value as of a date in the past. Instead of asking “What is my property worth today?” the question becomes “What was this property worth on a particular date?”
Current Value vs. Historical Value
Current Market Value
An appraisal based upon current property and market conditions.
Historical / Retrospective Value
An appraisal with an effective date in the past.
What Information Should I Provide?
- Property address and owner's name
- Purpose of valuation
- Required effective date, if known
- Date of death, when applicable
- Deed, survey or site plan
- Prior appraisal reports
- Additions, renovations and detached improvements
- Leases, rental information or income/expense data when applicable
- Historical photographs or property records
Preparing for the Property Inspection
Provide reasonable access to the property, including basements, garages and other improvements when applicable. It can also help to have surveys, renovation information and relevant property documents available.
What About Acreage, Barns & Other Buildings?
A property containing substantial acreage, barns, garages, workshops, apartments or other improvements may require more analysis than a typical residential property. The cost of an improvement does not necessarily equal its contribution to market value.
Do I Need an Appraisal or Consulting Service?
Not every real estate question requires a full appraisal. After discussing your objectives, we can determine whether a formal appraisal, retrospective valuation or consulting assignment is more appropriate.
Frequently Asked Questions
Can an individual order an appraisal directly?
Yes. You do not need a lender, attorney, CPA or other professional referral.
Can you work with my CPA or attorney?
Yes. With appropriate authorization and depending upon the assignment, we can coordinate with your professional adviser regarding relevant valuation information.
Can you determine what a property was worth several years ago?
Potentially, yes. This is known as a retrospective appraisal. Feasibility depends upon the property, effective date and availability of historical information.
What if the property has changed since the valuation date?
Historical records, photographs and other credible sources may assist the appraiser in understanding the property's characteristics as of the required effective date.
How much does an appraisal cost?
Fees vary depending upon the property, location, complexity, effective date and scope of work. We prefer to understand the assignment before quoting a fee.
How long will the appraisal take?
Turnaround time varies according to the property, complexity, historical research required and current workload.
Service Area
Kanawha • Putnam • Mason • Jackson • Lincoln • Cabell • Monroe Counties
Other areas considered upon request.