The effective date drives the analysis
An estate appraisal may require value as of a historical date rather than today's date. The appraiser researches market conditions and comparable sales that are relevant to the requested effective date.
A current inspection can still help
The property may be observed now even when the valuation date is in the past. Current observations identify the real estate, while historical records can help establish what was present at the requested date.
Helpful information
- the exact effective date requested by the estate professional
- property address and access contact
- historical photographs or prior listing information when available
- records of renovations or additions
- surveys, deeds or information about unusual acreage or waterfront rights
- the client and intended users
Historical market evidence matters
A current price estimate does not answer a historical valuation question. A retrospective appraisal analyzes the market that existed at the effective date and explains the evidence supporting the value conclusion.
The attorney, executor, accountant or tax professional should identify the appraisal purpose and required date. The appraiser provides valuation rather than legal or tax advice.
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