Retrospective or Date of death appraisal

[CHRIS123]

Finishing one up to day have perfect sale but its about 20 days after the the date of death can i use this sale in the report. I remember learning about this in class but i cant find it in any books. For a little more background the subject is approx. 375 ac. & the comp is 362 ac. located within a 1/2 mile of the subject. sales this close of this type are very, very limited in this market place

thanks

chris

 

[LuckyLucy48]

When was the "meeting of the minds"?
T

 

[CHRIS123]

June 22, 2008 DOD

July 15, 2008 Sale DAte

 

[PropertyEconomics]

June 22, 2008 DOD

July 15, 2008 Sale DAte

Is that contract date of date of closing?

 

[CHRIS123]

date of closing

 

[Dennis J. Black ASA IFAS]

Find out when the contract was signed.

 

[CHRIS123]

so your saying use the contract date as the date on the report. Contract date 7/10/08

 

[KenRossman]

The key date is always the contract date/meeting of the minds - when the sales price was set. Even if the contract date was subsequent to the date of death, within a month or two, I wouldn't hesitate to use it so long as the market (price) trend hadn't changed significantly.

 

[CHRIS123]

That is the way i felt about the issue i just wanted to make sure there werent any laws or anything else againest me.

 

[Walter Kirk]

Is the appraisal for estate valuation, mortgage financing or some other purpose? In any case you should look to your client for guidelines. Assuming the appraisal is not for financing and there are no client guidelines to the contrary you must decide if the sale properly reflects market activity as of your date of valuation. I would think that a sale of similar acreage within a few months of your valuation date would.