How can I get the appraisal amount from 2008 when a deed was transferred?

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How can I get the appraisal amount from 2008 when a deed was transferred?

Inherited property in 2008 lost
appraisal for cost basis.

Asked on May 1, 2019 under Real Estate Law, Colorado

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 2 years ago | Contributor

If you lost the appraisal, you will likely have to get a new appraisal done for this purpose: an experienced, professional appraiser should be able to determine what the house was worth 11 years ago by adjusting its current value "backwards" to take out the increase or gains in the real estate market since then. Example: if your local market as increased by (as can be determined), say, 3% compounded per year for the least 11 years, then houses have increased in price 38% since then. That means that a house worth $X today was worth $X/1.38 (or its current price divided by 1.38) 11 years ago. Knowing the current value and knowing what has happened in the market, an experienced appraiser can determine with a high degree of confidence what the price had been earlier.


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