Date of Death Valuations

[Mr Rex]

....A whole lot of using assessor data and ratios etc. Just make sure your professional opinion has a foundation.

 

[tricia21631]

Thanks for the info.

Thanks to all for the quick reply! I will let you know how it goes-wish me luck!

 

[tricia21631]

Estate not settled

Just for clarification, this is for an estate that was never settled. Property has not transferred since then, heirs want to eventually sell the piece (property is a landlocked parcel of woods).

 

[Deleted member 77547]

Just for clarification, this is for an estate that was never settled. Property has not transferred since then, heirs want to eventually sell the piece (property is a landlocked parcel of woods).

LOL. the story gets better! I'm with Terrell, this is by no means going to be an easy assignment....make sure you charge appropriately.

 

[PropertyEconomics]

Just for clarification, this is for an estate that was never settled. Property has not transferred since then, heirs want to eventually sell the piece (property is a landlocked parcel of woods).

Yes they need to establish the value as of the date of death for a basis for capital gains.
As to the land locked parcel .. good luck with that.

 

[Tony V]

For the hell of it....check with someone from the Public Library.....I was in a ""business"" section of my local library and tripped across old transfer books...

 

[PropertyEconomics]

You might also call the US Forest Service and the State Land Office in your state and ask them if they have old appraisals from the time period. You may find very valuable information in those. Good idea Tony V.

 

[CANative]

Just for clarification, this is for an estate that was never settled. Property has not transferred since then, heirs want to eventually sell the piece (property is a landlocked parcel of woods).

It's probably worth the same now as it was then.

 

[aussie ken]

I have received an order to do a date of death valuation and I need some help as to how to get started. Where do you get your information and comparables for dates prior to 1970?

Tricia........Im not fully familiar with your available resources at hand but the real estate section and agents ads in old newspapers of the era will always provide some immediate general backgound guidance........on top of that specific sales with photos maybe mentioned in an article from that time..........your library or local newspaper offices would be my first call..........add to this those records from old established real estate agents, appraisers............solicitors acting for vendors and purchasers at that time and still in business..........your local city records may be surprising good..........Good Luck

 

[Kali the Boston Terrier]

I just did a property that I was required to do a retro from 1962, 1975 and 2007. For both the 1962 and 1975 values I went to the local library and pulled up classified listings, that gave me at the very least an upper boundary for the subject's market. For the sales, I went to my local courthouse and took a list of similar properties that I could identify out of public records. I then searched the register of deeds of every property for a deed transfer. I then had to go down into the basement of the courthouse and look at each deed for a sale price. 1975 was the easy one, 1962 was hard because Michigan did not require sale price disclosure until late '60s. SO for that figure I took the original sale price from 1950 and applied the CPI for the area forward to 1962. I then took a CPI figure from 1975 and applied it to the 1975 opinion of value. They were within a $1000 of each other, so I used the listings I got from the library as my upper boundary.

For a test of reasonableness, I used assessment values from then. Stated that the assessment represented the low boundary because they did not contest the values with the City at least somewhat saying they agreed with the low end.

I charged by the hour (the only way to go about this)
Just my thoughts