What is an appraisal?
An
appraisal is an unbiased, supportable estimate of a defined value by a
person who is trained in research and analysis, knowledgeable of the
property being appraised, and who acts in accordance with accepted and
professed standards of practice. An appraisal is contained in an appraisal
report, which is a legal document that describes and values property in a
manner that will stand up in court, if necessary.
What is a personal property appraisal?
A
personal property appraisal refers to the appraisal of identifiable
portable and tangible objects considered by the general public as being
“personal,” for example, artwork, furnishings, antiques, collectibles,
and residential contents. In other words, personal property is all
tangible property that is not classified as real estate.
When is it necessary to have personal property
appraised?
There
are a variety of reasons. For example, for insurance coverage, insurance
damage claims, when claiming a deduction for charitable donations, when
calculating estate taxes, for estate distribution, divorce litigation,
divorce settlement, and bankruptcy.
I just purchased a painting and the dealer
offered to appraise it. Why then would I need an independent appraiser?
The
dealer you purchase an item from has an interest in that item, and that
opens a window for conflict of interest in valuing that item. An
independent appraiser has no interest in that item, and therefore can
provide an unbiased opinion of value. Additionally, the dealer may not
know how to evaluate the item for its appropriate worth. Without appraisal
training on appraisal principles and procedures, he/she may not understand
the complicated variety of marketplace definitions that are used to
determine appropriate values for appropriate uses.
Can more than one value apply to the same item?
Yes,
the same item may have different appraised values depending on the
intended use of the appraisal. To illustrate, the value for insurance
coverage may be different than the value for estate tax, charitable
donation or consumer resale. Qualified educated appraisers understand the
many different types of values, assigned uses, and market levels. Your
appraiser will work with you to choose the proper
type of value so that you can use the appraisal correctly and effectively.
Are there different types of Pennsylvania
appraisers or are they all the same?
While
many appraisers adhere to professional appraisal guidelines, others do
not. For the most accurate, professional, and credible appraisal, the
wisest choice is to hire an appraiser who has formal education in
appraisal theory, principles, procedures, ethics, and law, who conforms to
the Uniform Standards of Professional Appraisal Practice (USPAP), has
ample experience, and is an accredited member of a professional appraisal
association.
PaisleyAuctions are Graduate Personal Property Appraisers certified
through the National Auctioneers Association.
What does a
PaisleyAuctions appraisal
report consist of?
(a)
A cover letter, (b) a title page, (c) a table of contents, (d) main body
of the report, which explains what type of value is being sought
(“purpose”), how the appraisal is to be used (“intended use”), the
scope of work, methodology and resources relied upon, market analysis and
markets selected, a complete and accurate description of the property
along with color images and values assigned, limiting conditions, and the
appraiser’s certification; (e) glossary; (f) bibliography; (g)
appraiser’s qualifications; and (h) annex of selected research. The
client receives two color originals.
What other services does
PaisleyAuctions
provide?
Oftentimes
clients may not need a formal appraisal but would like to have an idea of
how much there items are worth. We will provide our clients with a letter
containing an opinion of value upon which they can base their financial
decisions. Another situation is when clients request an organized
descriptive and pictorial inventory of their possessions for their
organization needs or to have ready in case of possible future damage.
PaisleyAuctions can provide such an inventory tailored to the
client’s specific needs.
In
addition PaisleyAuctions offers complete auction services with
expertise in real estate auctions, estate settlements, collector cars,
restaurant, business, and equipment liquidations, benefit, charity, and
fundraising auctions.
