Start by hiring a real estate appraiser licensed in the state where the property is located, ideally one with experience in estate and date of death work. You will need to provide the date of death, the property address, and access to the property or, if it has since sold or changed, information about its condition at the time of death. The appraiser then performs a retrospective appraisal, researching sales of comparable properties that closed around the date of death and analyzing market conditions from that period. The finished report states the fair market value as of that date and can be given to your estate attorney, CPA, the probate court, or kept for tax records. Timelines vary, but most residential reports are completed within a week or two of the inspection. Before ordering, ask the estate’s attorney or accountant if they have specific requirements, so the appraisal is done once and done correctly.
