Newsletter V4 N2

VALUE REVIEW™
Published by Semler Appraisals & Estate Liquidations
A Professional Service for the Valuation of Personal Property

Summer 2002    Vol. 4, No. 2

Preparing for an Estate Sale
Here are some tips to pass on to your clients in the event they require the services of an estate sale manager.

002 Remove all personal papers and family photographs.
002 Any items not to be included in the sale should be moved out of the house.
002 Clean out the refrigerator.
002 Dispose of prescription medications and alcohol.  
002 Remove ammunition from all guns.
002 Donate contemporary prescription eyeglasses to the Lions Club by dropping them off at any eye doctor’s office.
002 Do not throw anything else away. *
002 If possible, arrange to have the phone service left on for the duration of the sale.  This may be necessary for credit card purchases and it facilitates the pickup of large items after the sale.
002 Collect instruction pamphlets and brochures for household items, such as the washer, dryer, oven, etc. and store in one place.  They will be given to the new owners when the items sell.
002 Do not throw ANYTHING else away. *
002 If the home is to be sold, arrange to have the realtor’s business cards and the house graphics available during the estate sale.  Some people come to shop for the contents, some to see the house.
002If items from a safe deposit box are to be sold, make them available to the estate sale manager.
002 If an automobile is to be sold with the estate, ensure there is clear title and have it signed and available for the estate sale manager.
002 Do NOT throw anything else away. *
002 The drawers and cupboards do not need to be emptied.  The estate sale team will sort, organize, clean, and display the contents of the home.
002 Select a charity to receive any unsold items after the conclusion of the sale.
002 DO NOT THROW ANYTHING ELSE AWAY! *
002 Turn the house keys over to the estate sale manager, sit back, wait for the check and an empty house.
* Avoid mistakes others have made.  Let the estate sale team determine what has value and what is salable.

The Appraisal Process
Every appraisal is different, but all have several elements in common.  Each appraisal begins with an examination of the item or items.  The appraiser meticulously examines the property to evaluate characteristics, note condition, obtain measurements and take photographs.  The information is recorded on paper, in a computer, or with a tape recorder.  This phase is performed “on-site.”

Color photographs are taken with a 35MM or digital camera and included in the appraisal report.  Extra photos may be taken of details of the items to aid in the research phase.  If necessary, photographs are taken to comply with IRS regulations.

Value conclusions for estate and divorce appraisals are based upon Fair Market Value.  For insurance appraisals, the value conclusions are based upon Replacement Cost.  Research involves identifying marks and labels, verifying dates, locating comparable items, investigating appropriate markets, and consulting with experts, if necessary.  This approach produces an accurate report that fully protects the client and the property.

The final phase in the appraisal process is the preparation of the appraisal report.  Included in the report is a cover letter detailing the process taken and definition of values used; an itemized list of the property appraised; and the appraiser’s qualifications.  A seal is impressed over the appraiser’s signature, and, if necessary, the report is bound.  

These are standard procedures for all types of appraisals.

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