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Value of property for an estate: appraisal or market selling value?

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/u/2theJack

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If one needs to find the value of a piece of property for an estate, which is more standard practice: an appraisal (by a licensed appraiser) or the market selling value (as determined by one or more licensed real estate agents) ??

Does one have more legal standing that the other if the inheriting parties don't agree? (Edit: one party is buying out the other - one side wants the lower appraised value while another side wants the higher market price)

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Value of property for an estate: appraisal or market selling value?
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