Real Estate Appraisals

[Kisam1968]

What is the name of your state? NJ

I'm the executor of my mother's estate, with me, my brother and sister as beneficiaries, splitting the estate equally. My mother had two houses, both in her name only. The three of us are in agreement to sell one and transfer the other to my brother. Our probate lawyer is advising to have both houses appraised. It makes sense to appraise the house we're transferring to get a true value, but should I bother getting an appraisal for the house we're putting on the market? Wouldn't the selling price be the value of the home or is it needed to determine value at the time of death? (The total estate is currently estimated at $400-$500)

I tell you, being an executor can make you crazy. Sitting in the lawyer's office, their advice seemed sensible, but then you go home and think of a million questions. Thanks in advance for any feedback.

Originally Posted by Kisam1968

What is the name of your state? NJ

I'm the executor of my mother's estate, with me, my brother and sister as beneficiaries, splitting the estate equally. My mother had two houses, both in her name only. The three of us are in agreement to sell one and transfer the other to my brother. Our probate lawyer is advising to have both houses appraised. It makes sense to appraise the house we're transferring to get a true value, but should I bother getting an appraisal for the house we're putting on the market? Wouldn't the selling price be the value of the home or is it needed to determine value at the time of death? (The total estate is currently estimated at $400-$500)

I tell you, being an executor can make you crazy. Sitting in the lawyer's office, their advice seemed sensible, but then you go home and think of a million questions. Thanks in advance for any feedback.

Q: It makes sense to appraise the house we're transferring to get a true value, but should I bother getting an appraisal for the house we're putting on the market?

A: Yes, for two reasons: The real estate agent will need this appraisal and so will the court.