Property valuation in the Flathead Valley is important when considering an estate home sale. Every family is different. It is likely that no matter what you do it may not be considered fair by every sibling. The number of children affects fairness in different ways. The larger the group, the smaller the share for each of them. The larger the group, the higher the chances of dissension. Has the home estate been offered to all the siblings? It could be seen as unfair if it hasn’t been offered to one or more of them. Finally, as the home’s value rises, the economic effect increases.
Four considerations to treat family members fairly in an Estate Home Sale
Determine Milestone Date
Depending on many factors, the estate may need an appraisal as of some milestone date. For instance, a milestone could be for date of death or date of divorce. An attorney will be able to tell you if this is required. An appraisal can have a retrospective date of value to reflect the milestone date.
Fair Plan
Have the home inspected, before hiring an appraiser. There could be issues that no one in the family may know about, that affect the value. A home inspection better prepares all family members of its condition and needed repairs.
Hire an Appraiser
Engage an appraiser who isn’t familiar to the family members. Share the inspection with the appraiser. A paid opinion from a non-family member provides a better idea of what you can consider fair and may be required by law. The other benefit is that this action shows siblings fairness has been established.
As-is Value
Specifically, order the appraisal with an ‘as-is value’. Ask for this to be done. Our MAI appraiser at Pathfinder Appraisals computes these values regularly. Wayne Valentic is a proven and respected MAI Appraiser in the Kalispell area, as well as all throughout Flathead Valley (Kalispell, Whitefish, Columbia Falls, Lakeside, Polson, Bigfork, etc.) and Montana.
