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Can online resources provide reasonable resale values for a property?

Q: We are amending our trust, and the trusts and estate attorney is asking us to determine the approximate resale value of a property we own. Which online source would you consider reasonably accurate (e.g., Zillow, Trulia, etc.)?

Have you written a column about the brutal annual tax cost to children who don’t make an inherited home a primary residence? We are sorry only to see your column in the Mercury News infrequently. “You say it like it is,” to quote an adage, and we appreciate that.

A: Thank you for reading the print version of this weekly column that appears online via the Mercury News. I’ve not yet written about family-owned properties and taxable events. However, I’ve interviewed County Assessor Larry Stone and lobbyist David Wolfe on Propositions 15 and 19. Please see the Kapowich on Real Estate YouTube channel link below.

Now let’s get to your issue. In response to private company automated valuations, the real estate community created the fee-based Realtors Property Resource (RPR). Professionals in finance, real estate and government use the fee-based Realist powered by CoreLogic. Your preferred real estate agent can provide these at no cost.

Divorcing couples, adult siblings or co-owners of property have used the average or middle of three fee-based appraisals to arrive at an agreed-upon value. Or instead of hiring appraisers, they might engage several local real estate agents who create their free-of-charge Comparable Market Analysis (CMA). Nowadays, with the cost and delays of hiring appraisers combined with today’s World Wide Web access, accountants and attorneys might allow their clients to use online internet valuations as substitutes.

Please confirm with your attorney if the RPR estimated value, Realist valuation or the average of both is acceptable. It is important to note that accountants and attorneys, before the internet, would inform clients if a fee-based appraisal by a certified appraiser is required, suggested or if a real estate agent’s complimentary CMA would suffice. You can never have an overabundance of supporting documentation in these situations. The property’s present-day value must remain unchallenged in the future.

Questions, concerns or inquiries? Realtor Pat Kapowich is a Certified Real Estate Brokerage Manager and career-long consumer protection advocate. His hometown of Sunnyvale, California, is where he is based. Office Landline: 408-245-7700, [email protected] Broker# 00979413 www.YouTube.com/PatKapowich

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