A home appraisal is a written opinion of what a property is worth on a particular date, prepared by a licensed appraiser from the home itself and recent sales of similar homes.
When Escondido homeowners need one
- A parent has passed away and the home is going to heirs, a trust or probate. The value on the date of passing matters for taxes and for splitting things fairly.
- A divorce, where both sides need a number they can both accept.
- Buying out a sibling or co-owner.
- Gifting a share of the house.
- Settling a dispute, or supporting a filing with the IRS, a court or the county.
What it is not
It is not a listing price and it is not a tax assessment. The San Diego County Assessor's figure is used for property tax, and a real estate agent's price opinion is a market guess. An appraisal is built for a stated purpose and a stated date, which tells the reader what it can and cannot be used for.
What the appraiser looks at
The size, layout, age, condition and lot, and what has sold nearby. In Escondido that can mean very different homes: an older bungalow in Old Escondido, a ranch with a tile roof in a 1980s neighborhood, or a hillside place with trees and a view.
Next step
If you know why you need one and the date you need the value for, call. If you do not, call anyway, and an attorney or tax adviser can help you decide.