Profile picture for rocmac56

I NEED TO FIND THE FAIR MARKET VALUE FOR MY MOM'S HOME ON THE DATE SHE DIED. HOW DO I FIND THAT?

I NEED TO FILE A TAX RETURN ON A TRUST THAT INCLUDED THE HOUSE AND THE HOUSE WAS JUST SOLD IN MAY 2012 AND MOMS PASSED ON MAY 30, 2011.
  • September 19 2012 - Fernwood
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Answers (5)

Profile picture for sunnyview
I am so sorry to hear about your loss. If you have an appraisal from 2011 or 2012, I would use that along with the recorded sales price to the family member. You could include the larger trend for the zip code to show any change in the market within that zip code or in Fernwood to show the movement from the time of death (or the appraisal date) to the sale.

If the court wants more than that, you can ask a local agent to do a quick CMA (comparative market analysis) including 3-4 houses that sold in the same time frame of your mothers death. I would not pay for another appraisal unless the court requests it.
  • September 20 2012
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Profile picture for rocmac56
Thank you for your quick response. I did not use a realtor, the house was sold to a family friend, so will ant realtor give me this information? May I use the appraisal I got last year?
  • September 20 2012
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Profile picture for JohnWilt
Have the Realtor you used to sell your mom's place tell you what the average sale prices were (in Fernewood) for 2011 AND 2012.  Say it's 5% better for 2012.  Subtract 5% off of what you sold it for in 2012 should be close to what the value was a year earlier. Maybe compare first half year's data too. That's about the best you will be able to do.  Good Luck
  • September 19 2012
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Profile picture for Matt Laricy
Get your Realtor to do a CMA (comparative market analysis) for you. Its free for them to do it for you.
  • September 19 2012
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contact a few agents to do a market analysis. They do not charge for it.
  • September 19 2012
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