A Word of Caution
Before you hire an appraiser, you should be aware that there are no state or federal laws which regulate the minimum training an appraiser of personal property must have. This fact has allowed many untrained or under-qualified individuals to pose as appraisers. It is critical that you know who you are dealing with, their qualifications, and area of specialty.
The accurate estimation and documentation of personal property values rests primarily on the knowledge and expertise of the appraiser. It is wise to choose the most competent professional appraiser with demonstrated expertise regarding the property in question. A professional appraiser can help you protect your assets by providing a written appraisal.
Peace of Mind
With a written appraisal in hand, you can be confident of the valuation of your property. In addition, the professional written appraisal is a legal document able to withstand courtroom examination.
A Professional Written Appraisal Report Includes:
- A cover document explaining in detail what the purpose of the appraisal is and how the appraisal is to be used.
- The methodology and resources relied upon, including market analysis and markets selected.
- A complete and accurate description of the property written in a manner that can be identified without photos.
- The date and location of inspection and the effective date of the value.
- A statement by the appraiser that they have no financial interest in the property or that such interest is disclosed in the report.
- The appraiser’s qualifications and signature.
Do Not accept an appraisal if:
- It is handwritten or unsigned.
- The fee is based on a contingency or upon the value of the property.
- The appropriate purpose or assigned use is not stated.
- The item is beyond the appraiser’s expertise.
- The appraiser is not willing and able to defend it in court, subject to the appraiser’s availability and a separate fee arrangement.