THE SHORT ANSWER
If you are handling an inherited property in Tucson or Southern Arizona, gather any available records about renovations, condition, ownership, and the relevant dates. You do not need to have every answer before calling an appraiser.
Decide which valuation date matters
Inheriting a home can bring a lot of questions at once. Should you sell it, keep it as a rental, or share ownership with family members? Before deciding, it helps to know what the property was worth at the relevant date, which may be different from what it could sell for today. For some estates, that means a retrospective, or “date-of-death,” appraisal.
Current and retrospective appraisals
A retrospective appraisal develops an opinion of value as of a past effective date using information appropriate to that time. It can be useful for estate administration, discussions among heirs, and certain tax-related matters. The correct valuation date and documentation depend on the estate, so your attorney or tax professional should guide those requirements. A current market-value appraisal may also be useful if you are considering a sale now.
Gather the records and explain the purpose
If you are handling an inherited property in Tucson or Southern Arizona, gather any available records about renovations, condition, ownership, and the relevant dates. You do not need to have every answer before calling an appraiser. Start by explaining the purpose of the valuation so the right scope of work can be determined. Reddy Appraisal LLC can help you understand your residential appraisal options.
About this article
General educational information. The suitable appraisal scope depends on the property, intended use, effective date and available information.
A LOCAL PERSPECTIVE ON YOUR PROPERTY
Put a clearer value behind your next decision.
Reddy Appraisal LLC provides independent residential property valuations in Tucson and Southern Arizona. Tell us your property location and the purpose of your valuation to discuss an appropriate assignment.