Published by Semler Appraisals & Estate Liquidations
A Professional Service for the Valuation of Personal Property
Winter 1999 Vol. 1, No. 1
Welcome to Value Review...
... a semi-annual newsletter with articles on current issues relating to appraising and to the value of your personal property. The general public is often poorly informed about the function of personal property appraisers and of the important role we play in society. Over the past several years, as an appraiser of personal property I've:
saved insurance companies money by uncovering fraudulent claims
helped claimants receive fair compensation after they've suffered a tragic loss by theft or fire
provided IRS-approved valuations for benefactors donating valuable gifts to charities
assisted in the settlement of estates
advised heirs about the equitable distribution of estates
acted as an Expert Witness
Appraisals can be expensive. To shorten the on-site inspection time, please share the following tips with your clients who need appraisals:
Make a list ahead of time of the items to be appraised
Gather matching items or items from services together (i.e., sterling flatware, crystal stemware, porcelain dinner service)
Collect bills of sale, invoices, cancelled checks, and old appraisals and place them near the appropriate items
Remove fragile items from cupboards and cabinets
Separate sterling from silverplate
Move large pieces of furniture away from the walls
Unpack items in drawers, trunks, or boxes
Provide written historical information or family history that relates to the items being appraised
Find keys or combinations to locked trunks, chests, safes, closets and doors
Retrieve items in off-site safety deposit boxes that are to be appraised
Make available all items specifically bequeathed in the will (for estate appraisals)
Keep conversations focused on the appraisal being conducted; don't forget that the meter is running
True or False-If we can't see it, we can't appraise it. If "true" was your guess, read on. Hypothetical appraisals are used to estimate the value of property which is no longer available for inspection, such as property that has been stolen or destroyed by fire. The value conclusions reached are based on critical assumptions, any one of which could render the appraisal useless, if inaccurate. All hypothetical appraisals must be clearly labeled as such and the reason for the appraisal being hypothetical must be included. In addition, the critical assumptions must be clearly identified.
These critical assumptions are based on verbal descriptions given to the appraiser by the client, photographs, invoices, receipts, cancelled checks, catalogs, sketches, etc. Hypothetical appraisals are addressed specifically in the Appraisal Foundation's Uniform Standards of Professional Appraisal Practice (USPAP).
Samuel Joins the Team
Barbara Samuel, ISA, a graduate of the International Society of Appraisers Core Courses, is researching and writing appraisals at Semler Appraisals. Her specialty is French furniture and antiques.
On the Light Side
Actual Classified Ad
For Sale: antique desk suitable for lady with thick legs and large drawers.
Hours of Operation
For the convenience of our clients and yours, we are available for appraisals and consultations between 8:00 AM and 8:00 PM weekdays, and 9:00 AM to 1:00 PM on selected Saturdays.