The difference between a current appraisal and a retrospective appraisal is primarily the effective date. A current appraisal addresses value as of a current date. A retrospective appraisal develops an opinion of value as of a date in the past.
When is a retrospective appraisal used?
- Date-of-death and estate matters
- Probate and trust administration
- Divorce or separation when a historical value is relevant
- Litigation and legal disputes
- Tax matters
- Other assignments where the value on a specific past date matters
How does the appraiser value a property in the past?
The appraiser researches market conditions and comparable data from the relevant historical period. The analysis also requires an understanding of the subject property’s characteristics and condition as of the effective date.
What if the property looks different today?
That is common. The home may have been remodeled, repaired, damaged, expanded, or sold after the historical date. Documentation can help the appraiser understand what existed on the effective date. Useful information may include historical photographs, MLS listings, permits, invoices, inspection reports, prior appraisals, and statements from people familiar with the property.
Does the appraiser still need to visit the property?
The appropriate scope depends on the assignment and the information available. A current observation may still help document the property, while the valuation conclusion remains tied to the historical effective date. The appraiser determines the scope of work necessary for the assignment.
For estate-related retrospective work, see our Estate & Probate Appraisal Services or request a quote.
Reviewed by Mark Ellis
Owner | Certified Residential Appraiser, Epic Appraisal
Mark has appraised residential real estate since 2005 and provides valuation services throughout the South Sound and surrounding Western Washington markets. Epic Appraisal resource articles are reviewed for appraisal-industry accuracy and practical relevance.