[WSBAPT] Valuation of Real Property Owned by an Estate

[Philip N. Jones]

I vote with Marcus.  There is no hard-and-fast rule, but the tax-assessed value is usually not considered to be fair market value.  A Comparative Market Analysis or a real appraisal is best. Perhaps the beneficiaries will agree in advance on using one or the other.
Phil Jones
Philip N. Jones
Duffy Kekel LLP
Portland, OR
pjones at duffykekel.com
(503) 853-1482 cell


On Nov 3, 2020, at 2:19 PM, Inge Fordham <inge at fordhamlegal.com> wrote:

Colleagues:

In past probate cases I have handled with real property owned by the estate, the PR or administrator has either sold real property or conveyed it to a sole beneficiary.  I now find myself dealing with a situation where the estate owns a townhome in which the granddaughter (one of several beneficiaries under the will) is living and would like to retain.  It is encumbered by a mortgage and unlikely the granddaughter can get approved to refinance or assume the mortgage.  How does the PR determine the net value of the townhome - it varies widely depending on whether the value is determined by the tax assessed value or appraised value.  I have seen attorneys use both.  Is there a bright line rule?

Thank you,


<image001.png>
Inge A. Fordham | Attorney
Fordham Law, PLLC
3218 Sixth Avenue | Tacoma, WA 98406
Office: (253) 348-2657 | Mobile: (206) 778-3131
www.fordhamlegal.com<http://www.fordhamlegal.com>

Confidential Communication: This email is sent to a recipient on behalf of an attorney/law firm, and is information intended exclusively for the individual, entity or company to which it is sent.  This communication may contain proprietary, privileged or confidential information or may otherwise be legally exempt from disclosure other than to the intended recipient.  If you are not the named addressee, you are not authorized to read, print, retain, copy or otherwise disseminate this message or any part of it.  If you have received this email in error, please notify the sender immediately by email or other communication and delete all copies of the message.
***Disclaimer: Please note that RPPT listserv participation is not restricted to practicing attorneys and may include non-practicing attorneys, law students, professionals working in related fields, and others.***
_______________________________________________
WSBAPT mailing list
WSBAPT at lists.wsbarppt.com
http://mailman.fsr.com/mailman/listinfo/wsbapt
-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20201103/0ac8c33f/attachment.html>