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How is the fair market value set? I am to be the executor

How is the fair market...
How is the fair market value set? I am to be the executor of the will, and we are going to sell the house. But I have not been approved/certified as executor yet. Is it all right to ask realtors to appraise or bid on the house, or might this somehow affect the appraisal? Am I supposed to pay for appraisal by an appraisal company? (Texas).
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12/2/2012
Roger
Roger, Lawyer
Category: Real Estate Law
Satisfied Customers: 31,881
Experience: BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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Hi - my name is XXXXX XXXXX I'm a Real Estate litigation attorney. Thanks for your question.

The property's value will need to be set by an appraisal performed by a certified appraiser. This is the only way to get a real market value of the property as the appraisal will be based on comparable sales in the same area of the property.

You aren't obligated to pay for the appraisal. Instead, you should use money from the estate to pay for the appraisal, but you would have to wait until the estate is open for probate before getting an appraisal in order to pay for it from the estate proceeds.

Roger
Roger, Lawyer
Category: Real Estate Law
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