Can I get some help for a probate sale appraisal?

[gorillakimchi]

I got an order in which the subject is a probate sale. Honestly, It's my first time probate sale appraisal and looked up forums to find some helpful comments.

I think people say Just appraise the property for the intended use. If it's for mortgage lending, analyze the contract and summarize your analysis as usual.

I just contacted with a listing agent to ask some questions, but the agent was not nice to me. It sounds like why are you asking those questions that you are supposed to know?

So, I came back here... Please check the attached revised court confirmation addendum.

1. Why buyer & seller have the same name?

2. Which transaction type should I choose for a probate sale appraisal?

a) Estate sale
b) Court ordered sale
c) Non arms length sale

3. Do I have to disclose buyers relationship with a deceased property owner? I asked about it but the agent just said relatives ( have same last name but don't know their relationship)

Please let me know if there's anything that I need to know about a probate sale appraisal. Ex) special comments, additional research, comps, contract price... etc

I'm a bit nervous but also want to learn new things in this case.

Have a blessed weekend!

 

[Dublin ohio]

I got an order in which the subject is a probate sale. Honestly, It's my first time probate sale appraisal and looked up forums to find some helpful comments.

I think people say Just appraise the property for the intended use. If it's for mortgage lending, analyze the contract and summarize your analysis as usual.

I just contacted with a listing agent to ask some questions, but the agent was not nice to me. It sounds like why are you asking those questions that you are supposed to know?

So, I came back here... Please check the attached revised court confirmation addendum.

1. Why buyer & seller have the same name?

2. Which transaction type should I choose for a probate sale appraisal?

a) Estate sale
b) Court ordered sale
c) Non arms length sale

3. Do I have to disclose buyers relationship with a deceased property owner? I asked about it but the agent just said relatives ( have same last name but don't know their relationship)

Please let me know if there's anything that I need to know about a probate sale appraisal. Ex) special comments, additional research, comps, contract price... etc

I'm a bit nervous but also want to learn new things in this case.

Have a blessed weekend!

Looks like a relative is buying the property from the estate. Not unusual. Non arms length court ordered sale. Market value

 

[Joe Flacco]

Was the agents name Lionel Hutz?

 

[Terrel L. Shields]

Looks like it is a trustee selling the property and you are doing the finance appraisal. The court approves the sale only. So, the buyer might be related and the judge will approve the sale but it has nothing to do with the estate valuation. Ask about the seller. If the buyer is also the trustee of the estate the name will be the same. BUT it is still a mortgage transaction. Ask your client for clarity.

 

[Dublin ohio]

I asked about it but the agent just said relatives ( have same last name but don't know their relationship)

The above compared to your example contract is somewhat confusing. Who signed for the deceased seller. The buyer and if so it what legal capacity

 

[Tom D]

usually the trustee for the estate is the seller since they are in charge of handling it. estate sale. if there are relatives buying it, it is non arm's length, wasn't listed for sale. you explain on the listing section what is is and on the agreement section that being about by a relative purchase. it's just a normal appraisal value. no need for great detail just some details.
i think the confusion is your use of the term probate sale, and what you mean by that. you may have meant estate sale.

 

[gorillakimchi]

Looks like a relative is buying the property from the estate. Not unusual. Non arms length court ordered sale. Market value

Well understood. Thanks for your neat explanation.

 

[gorillakimchi]

Was the agents name Lionel Hutz?

lol

 

[gorillakimchi]

Looks like it is a trustee selling the property and you are doing the finance appraisal. The court approves the sale only. So, the buyer might be related and the judge will approve the sale but it has nothing to do with the estate valuation. Ask about the seller. If the buyer is also the trustee of the estate the name will be the same. BUT it is still a mortgage transaction. Ask your client for clarity.

I will check with a client. Thank you!

 

[gorillakimchi]

usually the trustee for the estate is the seller since they are in charge of handling it. estate sale. if there are relatives buying it, it is non arm's length, wasn't listed for sale. you explain on the listing section what is is and on the agreement section that being about by a relative purchase. it's just a normal appraisal value. no need for great detail just some details.
i think the confusion is your use of the term probate sale, and what you mean by that. you may have meant estate sale.

Well noted sir. If it's just a normal appraisal, I can do this.