The Appraisal Process: Thorough and Reliable
Although we customize our services to each individual needs, here is a typical process of how our services work!
Inspection: The appraiser examines the property for condition, identifying marks and characteristics; if the property is not available for inspection due to loss, theft, or water/fire damage, the appraiser has to make some assumptions based on the history of the item that is being appraised. Photographs of the property prior to the loss are often used.
Research: The research time includes time taken to identify marks, dates, find comparable data, verify the appropriate markets for the items, and consult with various experts if need be. Locate extensive comparable auctions results, and all available sales data are necessary steps to evaluate the property.
Report: The final document will provide a clear and concise explanation of the valuation. It will have a title page with the type of valuation and effective date, letter of transmittal giving the purpose and intended use, location and date of inspection. It will have a definition of value and limiting conditions, description of property with photos, a list of all the comparable property and their values, a narrative section detailing the scope of the project and market conditions, a signed certification, an acknowledgment that the appraiser has no fiduciary financial interest in the items in question, there is also a glossary of terms, bibliography, and the appraisers qualifications/credentials.
Types of Appraisals
Estate Appraisals - This type of appraisal is used when there is a situation when taxes might have to be paid on the personal property of the estate. We compile a full detailed report of all of the personal property including all household contents, jewelry, collectibles, antiques, art, coins, and miscellaneous items. The other reason to have this type of appraisal is incase there will be a liquidation process, this way all of the heirs can either buy an item from the estate, once the value of each item has been determined, or they can distribute the items amicably so that there is no arguments during the already sensitive time.
Insurance Appraisals - This type of appraisal is necessary when there is either a loss due to damage or theft of an item. Most insurance companies are now requiring clients to have an appraisal report for items that are not under normal personal property coverage such as some Fine Art, Collectibles, Antiques, Jewelry, Coins, Sterling Silver etc., Check with your insurance company to make sure you are covered for these items before something happens!
Charitable Contribution Appraisals - These types of appraisals apply to anyone that is donating items to a non profit that are worth more than $5,000. This could be anything from Fine Art and Collectibles to Deconstruction items. We specialize in the deconstruction process! When remodeling your home you may want to donate all of the items that can be reused such as Kitchen Cabinets and Appliances, Windows, Doors, Flooring, Tile, Vanities, Plumbing, Hardware, Furnishings, Window Treatments, etc., instead of sending them to a land fill and or destroying the items. Please check with your local Habitat for Humanity or other non profit to see what they will take before having the report completed.
Division of Assets Appraisals - Although this is sometimes one of the most sensitive appraisal reports because of the nature of the situation we do our best to make all sides feel comfortable when compiling the report. The appraiser in all situations might be hired by one individual to compile a report but actually works for all sides involved because we are non-bias and our work is always fair and impartial!