Estate Probate Appraisals

Typically, there are different reasons why estate appraisals may be required, such as refinancing or selling your home as well as the purchasing process of a property.

With our knowledge and experience of the real estate market, however, we understand that estate appraisals typically create lots of questions, and below we’ve curated some of the frequently asked questions about estate appraisals along with the correct answers to these questions;

What is an estate appraisal?

Real estate valuations are procedures used to determine the worth of a piece of real property in real property appraisals or valuations (usually the value of the underlying property).

Usually, an estate appraisal is carried out by a licensed professional to give an unbiased valuation of the estate at that time.

How much does an estate appraisal cost?

The cost of an estate appraisal varies depending on different factors, such as the property’s size, value, location, and the appraisal company.

However, for us as an appraisal company, the average cost of an estate appraisal in Anne Arundel County and Prince George’s County ranges between $350 and $600.

Who pays for the estate appraisal?

The estate appraisal cost is usually paid as part of the total closing costs, which the buyer pays.

However, sometimes, the seller can pay for an estate appraisal to be carried out to reduce the closing cost the buyer is required to pay.

What happens if the estate is appraised below the expected value?

It is common to be faced with a situation where the appraised value of the estate is lower than the expected value.

In such situations, both the buyer and seller will renegotiate the sale price of the estate and reach an agreement.

What happens if the estate is appraised above the expected value?

There are situations where the estate is appraised above its expected value, which is extraordinary.

When an appraisal report is concluded, the information is made available to the buyer; hence they are not required to renegotiate the sale price with the seller.