Common questions about estate appraisals, the probate process, USPAP compliance, ordering, and working with Great Estates, Inc.
Yes. The key difference is the effective date. A standard appraisal values the property as of the inspection date. A probate or estate appraisal values the property as of the date of death using retrospective methodology. All analysis, comparable sales, and market conditions are anchored to that past date, even though the inspection occurs later.
USPAP stands for the Uniform Standards of Professional Appraisal Practice, the professional standard governing appraisal preparation in the United States. Colorado probate courts and the IRS require that estate property valuations be prepared under USPAP by a state-certified appraiser. A USPAP-compliant appraisal includes a signed certification, stated scope of work, and analysis that can withstand legal and regulatory scrutiny. Online estimates, real estate agent market analyses, and informal opinions of value do not meet this standard.
The effective date of value is the specific date to which the opinion of value is anchored. For date of death appraisals, the effective date is the date of the decedent's death, not the inspection date, not the report delivery date.
A retrospective appraisal is one where the effective date is in the past. The appraiser analyzes market conditions, comparable sales, and property data as they existed on that past date. Every Great Estates date of death appraisal is prepared using retrospective methodology.
Possibly yes, for two reasons. First, Colorado probate courts require that real property be valued when inventoried, regardless of whether federal estate tax is owed. Second, the stepped-up cost basis applies to all inherited property, not just large estates. An accurate date of death appraisal establishes the heir's cost basis for capital gains purposes, which can be significant when the property is eventually sold. Learn more about the stepped-up basis.
Standard pricing applies to qualifying properties in Arapahoe, Denver, Douglas, Elbert, and Jefferson counties. For properties outside the five-county Denver metropolitan area, Russell maintains a referral network of qualified appraisers throughout Colorado, covering residential appraisals in almost every Colorado county and commercial properties statewide. Contact Russell and he will connect you with the right appraiser for your location.
No. Colorado probate courts and the IRS require a USPAP-compliant appraisal prepared by a state-certified appraiser. Automated online estimates (AVMs) like Zillow's Zestimate are computer-generated and do not meet this standard. Great Estates provides a free AVM as a helpful starting point, but a certified appraisal is required for probate court filings and IRS estate tax purposes.
Standard delivery is within 48–72 hours of the completed inspection. Rush delivery within 24 hours is available for an additional $100. Total time from order placement to report delivery depends on when the inspection can be scheduled, which is arranged immediately after payment through the online scheduling system.
Yes. A retrospective appraisal can be prepared even after the property has been sold or significantly altered since the date of death. The appraiser uses archived MLS data, public records, and historical market data to reconstruct the value as of the effective date. Contact Russell before placing an order if the property has been sold or significantly changed, since the scope may need to be discussed first.
A full interior/exterior appraisal includes inspection of both the inside and outside of the property and is the standard choice for most estate situations ($550). An exterior-only limited-scope appraisal is used when interior access is unavailable or not required by the assignment scope ($350). Both are USPAP-compliant and accepted for most estate purposes. If you are unsure which scope is appropriate, contact Russell before ordering.
A USPAP-compliant appraisal is a formal, certified opinion of value prepared by a state-certified appraiser. It is accepted by Colorado probate courts and the IRS. A Broker Price Opinion (BPO) is an appraisal-style market analysis, more detailed than a typical, informal BPO, but not a USPAP-compliant appraisal. Great Estates' BPO ($225) includes a full interior and exterior inspection (approximately one hour, similar to a full appraisal) using appraisal-style methodology, but it cannot substitute for a full appraisal for probate court filings or IRS estate tax returns.
Just four things: the property address, the date of death, your contact information, and the name and contact of the person who can provide access to the property for inspection. That's everything needed to get started. Learn more about what to have ready.
An IRS Qualified Appraisal is a specific type of appraisal meeting requirements under the Internal Revenue Code for federal estate tax reporting. It involves additional scope, certifications, and qualified appraiser documentation beyond a standard USPAP appraisal. Not all date of death appraisals are IRS Qualified Appraisals. Great Estates can prepare IRS Qualified Appraisals, but they are always quoted individually. Contact Russell to discuss scope if your assignment may require IRS Qualified credentials.
The difference is the effective date. A current appraisal reflects value as of the inspection or report date. A date of death appraisal reflects value as of the date of the decedent's death, which may be months or years in the past. The appraiser uses retrospective methodology anchored to the effective date, with all comparable sales, market analysis, and conditions reflecting that past point in time.
Yes. An exterior-only limited-scope appraisal is still USPAP-compliant and is accepted for most estate purposes. It includes appropriate limiting conditions and extraordinary assumptions regarding the unobserved interior condition. It is appropriate when interior access is genuinely unavailable or when the scope does not require interior inspection. Contact Russell to confirm this scope is appropriate for your specific engagement before ordering.
Contact Russell to discuss. Expert witness availability depends on the specifics of the assignment, the timeline, and scheduling. Please reach out by phone or email to initiate that conversation.
Established accounts submit orders through the online order intake form on the attorney or corporate trustee portal page. If you are new to Great Estates, contact Russell first to set up your firm or institutional account. Account-based billing with net-15/30 terms (attorneys) or net-30 terms (corporate trustees) is available for established accounts. For IRS Qualified Appraisals or complex assignments, please call or email before placing an order.