The purchase of a home is the largest single investment most people will ever make. For most individuals, this requires a complex financial transaction using the services of multiple real estate professionals.
The realtor is the most common face of these professionals. The financing necessary to fund the transaction is the responsibility of the mortgage broker or banker.
The title company is responsible for many of the legal details, including the assurance a clear title passes from the seller to the buyer.
The Real Estate Appraiser
A real estate appraiser helps to establish the likely sales price a property would bring if offered in an open and competitive real estate market. This is commonly known as market value. Put another way, it is an unbiased estimate of value for a parcel of real estate, where both buyer and seller are informed parties. For this value, lenders turn to a licensed, certified, professional appraiser.
The Appraisal Process
A real estate appraisal starts with a physical inspection of the property being appraised. Number of bedrooms and bathrooms are important to ensure that they really exist and are in reasonable condition. Also, the inspection ensures the proper square footage and layout of the property by including an illustrative drawing. Obvious defects to the structure of the property affect the value negatively. This may included a leaky roof or hole in the wall.
Once the property has been inspected, the appraiser chooses from three approaches of property value. The cost approach, sales comparison approach, and income approach.
The Appraised Value
The appraised value is used as a guideline by lenders who will not loan a buyer more money than the property is worth. For this reason, it is very important to choose an experienced and qualified Real Estate Appraiser. It is very important to note that this appraised value may not be the final sales price. Bidding wars and seller motivation may adjust this price above or below this value.
An appraisal is simply an opinion of value. Some appraisals are a professional appraiser’s opinion, others are guesses. Still others are based upon the sometimes harsh reality of the marketplace. The most important factors for appraisers are figures of recent real estate sales involving comparable properties. Basically, there are only two opinions that matter.
(1) The list price is a “wishful-thinking” value, merely a hopeful estimate. It is set by the seller. The sale price is the real value. It is determined by you, the buyer. Of course, the price you finally agree to pay is partially determined by the seller through the negotiation process. But you and only you decide how much you are willing to pay.
The lender’s is the second opinion that truly matters. The bank usually employs appraisers, although sometimes it uses third party “fee” appraisers. A value of the property is determined, and the lender will then make a mortgage loan based on this figure.
If the lender’s appraisal “comes in” lower than your agreed-upon sale price, you may not be able to buy the home. The lender bases its lending decision upon this professional opinion of value. It will only loan a percentage of this figure. Therefore, if you are counting on using the lender’s funds in a certain amount to finance the purchase of your home, a low appraisal from the bank can seriously damage your first time home buying efforts.
The lender’s opinion of value can be disputed. The appraisal department at a bank will usually welcome previously overlooked comparable sales data (“comps”) and other factors which might affect their appraisal. Sometimes there were sales in the area of which the appraiser was unaware. You and/or your real estate agent often know about non-MLS sales of which the bank appraiser has no knowledge.
Perhaps you decided to buy this house because the seller spent thousands on structural and mechanical system upgrades. The lender is not to aware of these value-enhancing improvements. When you bring them to the appraiser’s attention, you quite possibly will induce the appraisal department to raise the appraisal figure. The critical point to remember about this is: If the lender produces a low appraisal, you can always contest it.
You might hear complaints when the lender’s appraisers express a low opinion of value – “Why don’t they just appraise at sales price? After all, THESE buyers are willing to pay that much. Surely others would, too.” Ah, but that’s NOT necessarily true. Some buyers (hopefully not you) do agree to pay too much. The lender needs to protect itself from these “lovestruck” buyers who must have that home. If the bank eventually has to become the owner, by having to foreclose, it must have reasonable expectations of being able to recover all or most of its investment.
When negotiating the purchase of your home, be sure you are always being prepared to “walk away” from the transaction if the seller is too unreasonable. There are plenty of other homes available. If you do this, the lender’s real estate appraisal will almost certainly come in at or above your sales price and thus cause you no problem.
Keep the Golden Rule in mind: “The banks have the gold, so they make the rules.”
Paul Anderberg
http://www.first-time-home-buying.net
Mr. Anderberg is the author of many helpful articles about home buying. Visit his website to read more. Several others are also available on this site.
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If you are planning to apply for a real estate loan to buy the property you want from the available Holly Springs homes for sale, you must get an appraisal to figure out the market value of the house. It is very important that you are aware of this matter since it can have a huge effect on the result of your application for a loan.
The personal approval is generally completed near the beginning of the process of your loan application. The final commitment, however, is often contingent on an acceptable appraisal as banks want to be certain that the loan they are making is covered if ever borrowers fail to pay. In case the appraiser’s report is lower compared to the selling price, the real estate loan may be disapproved. However, this is not the only thing that can have a negative effect on your application. There are other factors that may possibly cause some problems. In general, lenders thoroughly examine the appraisal before making a decision whether or not the house is fit to act as a guarantee for your real estate loan. Some examples of obstacles you may encounter include, but are not limited to, the following:
- If the expected time period to sell the house is much longer compared to the area standard, the lender may possibly do not like it.
- If an appraiser becomes aware that the access to a certain property is an exclusive road shared among certain people, the bank may ask to look into a signed road maintenance contract that proves that everybody who utilizes the road shares the obligation of maintaining it.
Real estate appraisals may be performed in different approaches. The two methods that are commonly used for houses are listed below:
1. Cost Approach – For newly-built houses, this method is the most favorable and helpful since the construction costs are already determined. This is simpler than other approaches because the appraiser only needs to approximately calculate the expenses of replacing the home if it gets damaged or destroyed.
2. Sales Comparison Approach – This method is done to approximately calculate the market value of the home by means of measuring it up to the same properties recently sold in the market area, which are referred to as comps or comparables. Because there are no houses that are accurately identical, appraisers make some adjustments to the paperwork of the comparables so that their qualities are more in-line with the features of the subject property. The outcome of the report is an amount that tells how much it would cost to sell each comparable if it possesses similar features as the property in question.
You should always keep in mind that a real estate appraisal is not a home inspection. Appraisers document the apparent issues they see, but unlike professional home inspectors, they do not perform inspection tasks like checking the chimney, looking at the roof, or testing the appliances. You must not depend on an appraisal to assist you in determining the condition of the house.
In case the house received a low appraisal, you should not panic. There are some ways that can help you solve this problem. Remember to talk to your agent regarding such issues when purchasing a house in Holly Springs real estate.
David Z Anderson is a freelance writer who specializes in writing content about real estate, business and investment. Check out great Holly Springs homes for sale and Holly Springs real estate listings.
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There is a type of investor fraud in which an unsuspecting Real Estate investor believes he is buying a property worth a certain amount, when in reality the property is worth much less. This places the investor in a hopelessly upside down situation, owing more money than the property will ever be worth.
The primary way that this type of scheme is enabled is by the use of a “bogus” appraisal that over-inflates the value of the property. Once the investor has closed the deal, there is virtually nothing he or she can do to avoid the consequences of having put a 300% Loan To Value mortgage on an investment property.
This basically means that the investor will owe too much to be able to cash flow the property as a rental, and there’s no possible way that he or she will ever sell the property for enough to cover the mortgage payoff. This essentially leaves one with a bankruptcy/foreclosure, “take-your-pick” financial situation.
Investors who realize they have bought a property that will never be worth what they owe on it, may continue to make payments for months or even years in order to preserve their excellent credit rating. However, once the damage is done, this is essentially throwing good money after bad. Given that this is one of the worst scenarios an investor could ever experience, it behooves each one of us to take the necessary time to carefully examine the appraisal for the property that we are about to purchase, BEFORE we purchase it.
Since this type of fraud is dependent upon an over-inflated appraised value, an appraisal with incorrect or deliberately misleading market information will be necessary to perpetrate this fraud. Therefore if a prudent investor is careful to take the time to examine the appraisal prior to closing, or better yet, have their own appraiser do an independent appraisal, one could avoid this scenario completely. In a nutshell, it is potential investing suicide to accept an appraisal at face value without verifying for yourself the information in that appraisal.
When you just don’t know the market, it would be an excellent idea to simply pay the $ 250 or $ 300 necessary to have your own independent appraisal done.You do not want to take anyone else’s word for the appraised value of a property. YOU are going to guarantee the loan, so you are the one who must make sure you are not being misled into paying too much.
The vast majority of investor fraud and loan fraud would be avoided if someone took the time to verify the information in the appraisal.
The greater part of a typical appraisal will deal with what are called “compable properties”. These properties are supposed to be very similar in style, quality, and size, to the property which is the subject of the appraisal. The concept of Compable Market Analysis” or CMA, means simply that one property in a given neighborhood should be worth approximately the same amount as other similar properties in the same neighborhood.
A valid appraisal that is a reasonable and accurate estimation of market value would only use similar properties that are within a very small radius from the subject property being evaluated. The official rule is within one mile of the subject property. But in Atlanta, one mile can be the difference between a $ 50,000 and $ 500,000 ARV. So, I prefer to see comparables that are located within the very same neighborhood. One mile can make a very big difference.
The question is, “who is responsible for generating the appraisal being provided as an estimate of value?” In typical transaction between a home seller and a home buyer it is the buyers lender who orders the appraisal as part of the process of underwriting the loan. But, in most investor type transactions, the seller may provide an appraisal. When you are the buyer, you should always plan to verify any appraisal provided to you by the seller.
Many fraudulent schemes perpetrated against innocent real estate investors involve a seller who got an appraisal that was over inflated simply by paying an appraiser and asking him to provide a specific value, in order to “make the numbers look good”. Therefore the prudent investor buyer does not want to accept the appraisal provided by the seller at face value. The appraisal should be verified or you should obtain your own independent appraisal prior to closing.
In extreme cases of well organized fraud, it is possible for the seller, the seller’s agent, the closing attorney, the appraiser and even the lender to be involved in trying to lure a buyer into a bad deal.
Usually in this type scenario, the investor buyer is offered a “full-service” type arrangement, in which everything is taken care of for them. One should always careful of any deal in which ”everything is taken care of for you”. The single most important piece of due diligence on any property is to verify the real market value before you buy. ***
Donna Robinson is a real estate investor, author, and consultant located in Atlanta Georgia. You may read more of her articles on her website at [http://www.RealEstateInvestorHelp.com] or you may contact her by email at drobinson@reihelp.com or call 404 542-9903.
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As a home buyer, it’s very important to understand everything you can about real estate. One of the vital steps of the home buying process is an appraisal. If you’re planning on purchasing a property among the available Hoboken homes for sale, you should know the fundamentals of appraisals.
What is an Appraisal?
An appraisal is a third party’s unbiased value estimation of a home, which is referred to as the subject property. This is acquired by weighing similar houses recently sold against the one being evaluated. It aids in establishing the home’s market value, which is the expected price it will get if put up for sale in an open and spirited market.
Some people confuse an appraisal with a comparative market analysis (CMA), so be informed. CMAs are used to assist sellers in determining a reasonable asking price, while appraisal reports help in figuring out a home’s market value, which is more comprehensive and the only evaluation report that banks consider when making a decision whether to lend money or not.
Appraisals are done by appraisers, which are licensed by their own states after finishing coursework and a certain number of internship hours that make them acquainted with the real estate markets.
An appraiser may be chosen by the lender from its own staff or hire an independent one, or you may be permitted to choose; however, if the one you picked is someone who the lender is not acquainted with, the report may possibly be subject to analysis before it is accepted. Remember that an appraiser must be a neutral third party who doesn’t have any financial or other relation to any individual involved in the deal. Furthermore, it is most likely that you’re the one who will finance the appraisal if you’re applying for a loan.
Real Estate Appraisal Report
An appraisal is a very comprehensive and in-depth report. Some of the things included are:
1. An assessment of the complete real estate market in a certain area.
2. Features regarding the subject property, with evaluations of three comparable houses.
3. Notes regarding gravely damaged features; for example, a collapsing foundation.
4. Records about problems which the appraiser considers damaging to the home’s value, like bad access to the house.
5. The kind of area the property is located, such as in a stand alone acreage, a development, and the like.
6. An estimated standard sales time of the subject property.
The process of buying a home in Hoboken real estate can be quite complicated. It’s advisable to ask your agent about the whole process, including appraisals.
Paul Russel is a freelance writer who specializes in writing content about real estate, business and investment. Check out great Hoboken homes for sale and Hoboken real estate listings.
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Homeowners who are seeking a property appraiser often ask “How should I choose which real estate appraiser to use?” When selecting a property appraiser, keep the following in mind:
Always make sure a property appraiser is licensed or certified by the state to perform real estate appraisals. While state licensing and/or certification isn’t always an indication of quality, it ensures that an individual is has met certain standards and been authorized to perform property appraisals. Some states do not require licensing to perform real estate appraisals. It is unwise to use the services of any professional who is not licensed or certified.
Don’t be afraid to ask an appraiser for a copy of their license. A good appraiser will readily provide this documentation. Copies of licenses are commonly requested by mortgage brokers and loan officers. Once you get a copy of their license, it’s a good idea to check with the government agency which issued the document to ensure the license is active and in good standing.
Many excellent real estate appraisers carry a professional designation. The most widely known industry designations are SRPA, SRA and MAI. These designations are issued by the Appraisal Institute. These designations demonstrate an appraiser’s commitment to continuing education and ethical standards. Oftentimes, the standards required to obtain these designations exceed those set forth by state licensing/certified requirements.
Ask the real estate appraiser what percentage of their work is performed in the neighborhood in which the property is located. Appraisers who do a lot of their work or live in a particular area often have a deep knowledge of property values in that area. Additionally, they are more likely to know how “neighborhood variables” such as school districts and fire departments affect the property values in the area.
Lastly, find out if the property appraiser has experience performing appraisals for consumers as opposed to real estate professionals. Mortgage brokers and loan officers have distinctly different needs than homeowners. An appraiser who understands the needs of homeowners is more likely to help you learn about the appraisal process and answer questions you may have along the way.
Mary Collins currently works for http://www.find-appraisers.com and is a consultant with experience in the real estate industry. She and the staff at Find-Appraisers.com are focused on helping consumers and real estate professionals quickly find licensed/certified property appraisers in any county across the United States.
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When you sell your home, appraisers use comps (comparable market sales) of local properties sold within the last six months to value your home. With today’s rapidly rising seller’s market, six-month-old information is ancient history. Appraised value does not always equal the true market value, or what the home will sell for on the open market.
Realtors will give you a comparative market analysis, an informal estimate of market value based on comparable sales. Lenders, on the other hand, will use the appraised value to determine a new mortgage amount. Some lenders require that the stated property value covers the mortgage amount plus their selling costs in case of foreclosure. For this reason, a sale may fall through if a home sells on the open market for more than the appraised value, which often happens in bidding wars over hot property.
We learned the importance of securing a sufficiently high appraisal when we sold a rental property in Lake Elsinore, California. We listed the house for $ 234,700 on Friday. By Monday morning, we had three offers: $ 245,000, $ 255,000, and $ 260,000. We accepted the one for $ 255,000 because the buyers had $ 80,000 down, reassuring us that they had sufficient funds.
As usual, the lender sent an appraiser to review the property. This busy appraiser didn’t take the time to view all the upgrades we put into the custom-built home. Even worse, he used only comps from the local one-mile radius. Because this home is close to a shopping district, there were not many homes sold in this limited area during the six-month period.
The appraiser used comps six months old; during this time housing costs in Southern California appreciated around thirty percent. Sales from six months previous should have gone up in value by $ 30,000 on a $ 200,000 home. This means that our home should have been worth $ 250,000 to $ 260,000, especially since buyers are willing to pay this price on the open market. To increase the value of this home, at the time there was not another three bedroom home listed in the area for under $ 250,000 (excluding manufactured homes). However, the appraiser valued our home for only $ 230,000 — and we would have lost the sale if the offer did not include a sufficient down payment.
Because a low appraisal can kill your sale, finding a buyer with a large down payment provides you with a safety net. You may also choose a buyer with strong credit who doesn’t have to put a large percentage down. If you think that your home’s appraisal could become a problem, make sure you don’t include a clause in your sale’s contract which states “subject to appraisal.”
How to Avoid Low Appraisals
Hire your own appraiser before the sale. Then ask your buyer’s or lender’s appraiser to review your appraisal.
Retain the option to approve your buyer’s mortgage lender. Make sure that the buyer doesn’t use a lender with a history of deliberately underestimating property values. A good real estate agent should know which lenders routinely under value homes.
Keep records of repairs and upgrades, including costs. Take “before” and “after” photographs. Create an organized journal with a listing of expenses and include pictures to show to the appraiser during the appraisal appointment. Stage your home for the appraiser like you do for buyers.
Secure your own property comparables to make sure the appraiser uses complete information. Call real estate agents with homes in escrow and get the sales prices. Make a list of these properties with the agent’s phone numbers and give it to the appraiser.
What to Do When Your Selling Appraisal Comes in Too Low:
Ask for another appraisal.
Protest the appraisal with documentation of your upgraded expenses.
Have the buyers make a larger down payment.
When you sell or buy real estate, remember that the certified appraisal is just one person’s opinion of the value of your home. The opinion that counts for you is the buyer’s: you want to be sure the buyer values your home above all others.
Copyright (c) 2005 Jeanette Fisher, All rights reserved.
Jeanette Fisher, author of Sell Your Home for Top Dollar–FAST, Staging Houses for Top-Dollar Sales, Doghouse to Dollhouse for Dollars: Using Design Psychology to Increase Real Estate Profits, and other real estate and interior design books, teaches Design Psychology and real estate investing seminars. For information on Design Psychology, visit: http://designpsych.com/. For help selling houses, articles, and home staging tips, see http://www.sellfast.info/.
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It is of importance that home buyers know the fundamentals of the complex process of buying properties in real estate. An appraisal, which is an essential part of the whole process, is one of the things you should understand. If you are about to purchase a house you have chosen among the available Holly Springs homes for sale, it’s advisable to be aware of its basics.
An appraisal is the estimation of a home’s value made by an impartial third party. It can be acquired by means of matching up similar homes that were just sold recently to the one that is being discussed, which is known or referred to as the subject property. Real estate appraisals assist in determining the market value of the homes, which is the estimated price it will receive if it was sold in a marketplace that is open and competitive.
There are some buyers who fail to differentiate between a real estate appraisal and a comparative market analysis or CMA, so it is important to be aware of these things. A CMA is used to aid sellers in establishing a rational asking price for a house, whereas an appraisal report assists in determining the market value of a home. An appraiser’s report is more inclusive and thorough; it is the only assessment report that lenders take into consideration when settling on whether or not to loan money.
A real estate appraisal is performed by an appraiser, someone who is licensed by his/her own state after fulfilling coursework, as well as a certain number of hours of internship that make appraisers aware of the real estate marketplaces.
During appraisal, the lender may choose an appraiser from its staff or just use an independent one; also, you might be given permission to select the one you want, but if it is someone who the lender doesn’t know well, the report may be put through an assessment before it gets accepted. You should keep in mind that the appraiser has to be an unbiased third party who does not have any financial link or other association to anyone who is involved in the arrangement. In addition, it is highly possible that you would be the one who’ll fund the appraisal if you’re submitting a loan application.
Real estate appraisals are profound and comprehensive reports. Some of the things stated in an appraiser’s report include, but are not limited to, the following:
- A valuation of the whole real estate marketplace in a certain place. - Elements of the subject property, together with allegories of three similar homes. - Remarks concerning badly defective elements (for instance, a collapsing foundation) - Accounts concerning problems that is deemed by the appraiser as detrimental to the value of the house; for example, a bad entrance to the home. - The sort of area where the house is located, such as in a development, stand alone acreage, and so on. - An approximation of the property’s standard sales time.
Purchasing a house in Holly Springs real estate is not that simple. There area lot of things you should be aware of and take into consideration. It can be very difficult, but once you own the house of your dreams, everything would just be worth it.
David Z Anderson is a freelance writer who specializes in writing content about real estate, business and investment. Check out great Holly Springs homes for sale and Holly Springs real estate listings.
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Often considered the silent giant in real estate transactions, appraisers can substantiate a purchase contract price or report that it doesn’t appraise out. Death to a transaction is the later and that is why appraisers are termed the quiet giant. Their ability to assign value can create or make them quiet or kill the sale of a home which makes them the giant. Appraisers and their role in home purchases and sales are often misunderstood. Mark Nash author of four real estate books including 1001 Tips for Buying and Selling a Home and a regular columnist for RealtyTimes.com offers an inside perspective on residential real estate appraisers.
-An appraisal is an unbiased estimate of what a buyer might expect to pay for a parcel of real estate, where both the buyer and seller are informed parties. To become informed mortgage lenders and buyers and sellers turn to licensed, certified appraisers to furnish an accurate estimate of value for a property.
-The property inspection is the first step of preparing a appraisal report. The appraiser visually inspects the features, number of bedrooms, bathrooms, location, condition, remaining useful life and other factors that could effect opinion of value. During the inspection rooms are measured, diagrams are drawn and photos are taken of the property. Inspections last from fifteen minutes to one hour.
-After the inspection the appraiser uses one of three approaches to establishing value. In non-rental properties the options are either the cost approach or the sales comparison. Rental properties utilize the income approach.
-The cost approach uses information available that includes local building costs, labor rates and other factors to determine how much it would cost to build a like-kind or comparable property.
-The sales comparison approach relies on the recent sales in the vicinity and finds properties which are comparable or similar in age, style, condition and location. The home being appraised is the subject property. The comparable’s are as a basis depending if they have added or less features. If the subject property has a fireplace and a comparable’s doesn’t then the subject property has an additional value than the comparable. Likewise, if the subject property does not;t have a powder room, than the subject properties value is decreased versus the comparable that does.
-The appraised value is often used as a guideline for lenders who don’t want to loan a buyer more money than the property is actually worth.
Do’s and Don’ts when working with a real estate appraiser.
Do
-Have a clear copy of the contract when meeting an appraiser for a inspection.
-Provide copies of all disclosures. These can verify that there are no material defects as reported by the sellers.
-Furnish a copy of the plat of survey. This clearly states the exact measurements of the lot and a legal description. Easements and encroachments can also be identified from plats.
-Make available recent sold comparable’s (in the last six months) at the inspection by the appraiser.
-List all upgrades and improvements that might not be visible to the appraiser. New roofs, plumbing, electrical, structural, and sewer improvements fall into this category.
Don’t
-Sell the house to the appraiser.
-Let the appraiser take in the property on their own terms. Don’t hover.
-Back up all information with written documents.
Mark Nash’s fourth real estate book, “1001 Tips for Buying and Selling a Home” (2005), and working as a real estate broker in Chicago are the foundation for his consumer-centric real estate perspective which has been featured on ABC-TV, Associated Press, CBS The Early Show, Bloomberg TV, Bottom Line Magazine, CNN-TV, Chicago Sun Times & Tribune, Fidelity InvestorÂ’s Weekly, MarketWatch, HGTVpro.com, MSNBC.com [http://www.MSNBC.com], Smart Money Magazine, The New York Times, Realty Times, Universal Press Syndicate and USA Today.
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Billions of Dollars are Involved: It is estimated that many billions of dollars will be inherited by baby boomers during this decade and the next. Almost all of those billions will pass through an estate. Many of the assets within those estates will require a professional appraisal valuation. Many of those assets are now, and will be in the future, be what are classified as “illiquid assets“; examples of illiquid assets are: real estate, promissory notes, and business interests and private placement investments. These types of assets (not traded on a public market) require a professional, third-party appraise to arrive at their Fair Market Value.
Specialized Appraisers: Understand at the outset that one of the most challenging responsibilities of an estate administrator is to determine the Fair Market Value the various types of assets within the estate. The appraisal of each asset class requires a specialized, trained and experienced professional appraiser. Some examples of the types of specialization needed are:
annuity appraisers
antique car appraisers
art appraisers
business appraisers
fire arms appraisers
mineral rights appraisers
promissory note appraisers
real estate appraisers
water rights appraisers
Why are Appraisals Needed? Attorneys, accountants and financial planners need accurate appraised valuations when calculating the values of estates for estates tax purposes.
Sometimes the executor needs the Fair Market Value of assets in order to divide an estate equally between two or more beneficiaries who do not want to be co-owners (partners) with each other. Sometimes the beneficiaries can’t agree on ‘how much they can get’ from the asset. The asset could be mineral rights or a promissory note. One of them may not want to sell the specific asset. The executor can then get an appraisal of the asset to determine its Fair Market Value without it having to be sold to a third party.
Or, a relative or a third party may want to purchase an asset from the estate. The executor will probably want a Fair Market Value appraisal as part of his or her fiduciary duty.
The Internal Revenue Service (IRS) requires a qualified appraisal to establish Fair Market Value for the property involved in taxable events. Every Federal estate tax return is hand screened by experienced estate tax examiners to be classified for audit. The overall audit rate is approximately 20 percent for federal estate tax returns, which is almost 10 times the audit rate for ordinary income tax returns.
Who needs the appraisals?
Attorneys
Accountants and enrolled agents
Gift givers
Executors and administrators
Trustees
Higher net worth persons for tax planning and filing
Charitable organizations that receive gifts, such as hospitals and colleges
Competent Appraiser is the key. Determining the Fair Market Value of a promissory note is as much an art form as a science. The appraiser that you engage should have the education, training, experience and judgment to be a promissory note specialist. The IRS and the courts scrutinize the appraiser’s qualifications, experience and independence before accepting his valuation.
Conclusion. Don’t take a leap in the dark! Bulletproof your estate and probate valuation decisions by employing an educated, experienced, and trained appraisal specialist. Engage someone who is an expert in the type of asset being valued.
Lawrence Tepper specializes in:
Promissory Note Appraisal & Valuation–and LLC Valuation and Appraisal
Expert Consulting Services
EDUCATION AND TRAINING
Law Degree /Accounting Minor University of Denver
Colorado Real Estate Broker– Promissory Notes Specialization
Certified Commercial Investment Member From National Assoc. Realtors (CCIM)
PRACTICAL EXPERIENCE
35 + years of appraisal and valuation for Attorneys, CPA’s, Estates, Trusts, Administrators, and Financial-Investment Advisors.
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