Date Of Death Evaluations
My sister passed away last month and I am the executor of her will. Her home is in San Diego and I am feeling a bit overwhelmed over how much involvement there will be overseeing the sale of this home. The attorney informed me that for tax purposes I will need to determine the value of her home as of the date her husband passed in 2004 and then the value at the time she passed.
What guidance can you offer? Jerry
First check with your attorney and ask him if a Realtor’s® Date of Death Evaluation will suffice for tax purposes; if not hire an appraiser. Selling your sister’s home will be a lot of work and I suggest the first thing you do is hire a Realtor® and get them working on your behalf.
Assuming your attorney will accept the Realtor’s® Date of Death Evaluation, your newly hired Realtor® can handle that. If you need an appraisal, your Realtor® can assist you in finding an experienced appraiser.
You will be paying a flat (commission) fee to your real estate agent. Why not get them working for you now? You will get value by hiring the Realtor® earlier in the process. Obviously your real estate agent should submit for your approval a marketing plan and pricing recommendation. Be sure the agent you hire:
• Will walk through the home with you and make suggestions as to any inexpensive repairs which will enable you to sell the home for more money. The agent will meet with vendors and obtain estimates for your approval.
• Will oversee the quality and completion of any work you have approved.
• Will at minimum conduct a weekly inspection of the vacant home.
• Will prepare Date of Death Evaluation (at no additional charge) or guide you to an experienced appraiser.
Best of luck to you, Jerry; I am confident once you hire a Reatlor® you won’t feel so overwhelmed.