The Appraisal Process
The appraiser meticulously examines all the property to be included in the Appraisal Report while evaluating characteristics, noting condition, obtaining measurements and taking photographs.
Digital and/or 35MM Color Photographs are taken to document the items' existence and aid in the research. Photographs taken are included with the report.
Value conclusions for appraisals are based upon comparable sales analysis for each item. Research time is the time taken to identify marks and labels, verify dates, locate comparable items, investigate retail markets and consult experts, if necessary. This approach produces an accurate report that fully protects you and your property. The time spent in this phase is considered "Research Time".
All appraisal reports consist of two (or more if required) sealed and bound copies of the completed appraisal. Included in the report is a cover letter detailing the process taken and definitions of values used; an itemized list of the property appraised; and the appraiser's qualifications.
Questions to Ask when Selecting an Appraiser:
- What qualifies you to appraise personal property?
- Do all appraisers have similar qualifications?
- Do you belong to an appraisal organization?
- How many years of appraisal experience do you have?
- Do you use consulting specialists?
- Do you supply references?
- What should I expect for my money?
- What is your fee, and on what basis do you charge?
You should receive the services of an educated appraisal expert who will provide you with a formal written and descriptive report document complete with photos which the appraiser should be willing to defend in court. The appraisal should include any limiting or qualifying conditions, the appraiser's qualifications, a complete and accurate description of the items, the methodology and resources relied upon, market analysis and the market (s) selected, and well defined value conclusions. Additional copies of the report should be supplied, as many as a client shall require.