What is a Personal Property Appraisal?
The Appraisal Foundation Board defines an appraisal as “the act or process of developing an opinion of value.” The Estate Pros appraisers are valuation experts who develop appraisal reports that provide property value conclusions in a given situation. Simply put, we answer the question “What’s it worth?” The proper response is always reliant upon the intended use of the appraisal. A few common intended uses may be estate planning, estate tax, gift tax, non-cash charitable contribution, equitable distribution, insurance coverage or a damage/loss claim.
Why have your items appraised?
When considering the antiques, collectibles, expensive jewelry, firearms or other high-value items, etc. you own, you may think you know what their worth. But do you really???
Like any other important decision in life, if you can consult with a professional or expert, you should. The Estate Pros experienced appraisers are skilled in determining an item’s value using the tools and expertise that most people don’t have access to. Don’t mistakenly donate or throw away a $10,000 item because you think it’s only worth $10. Instead, get a personal property appraisal. It’s better to be safe than sorry!
What Items should you have appraised?
In general, any item you believe may have significant value should be appraised. Consider doing some initial research on your own about your item or similar items online to determine if they might be valuable. Here are a few items you might want to consider an appraisal for: jewelry, collections, antiques, paintings, rugs, gold or sterling, etc.
How are appraisal values determined?
The Estate Pros professional appraisers use tools to help assess an item’s value, including past sales data, item condition and history (or provenance). The appraisal’s intended use will determine the approach used (i.e. sales comparison, cost approach, etc).
All of our appraisers rely on the standards and guidelines set forth in the Uniform Standards of Professional Appraisal Practice (USPAP), which contains Congressionally-authorized valuation standards.
Where do personal property appraisals take place?
Estate Pros appraisals most often take on-site where the item is located. However, the Estate Pros often appraise items based on pictures as well. No matter what the scenario is, the Estate Pros have you covered!
When is an Appraisal Needed?
- Personal Records
- Estate Planning
- Trust Planning
- Probate Tax
- Loan Collateral
- Dissolution / Divorce Settlements
- Identification / Authentication of Property
- Insurance Coverage / Claims
- Moving Company Insurance / Claims
- Equitable Division
- Expert Witness / Litigation Services
- Reviews / Second Opinions
- Selling Personal Items
- General Consultation
How do personal property appraisals work?
Your appraisal will be completed by an experienced, licensed & certified appraiser. We carefully examine and review each of your items. We provide both written reports and verbal assessments for all types of items. Our appraisal reports conform to the most recent Uniform Standards of Professional Appraisal Practices (USPAP) and the stringent requirements of the International Society of Appraisers (ISA) code of ethics and appraisal practices. Our credentials, procedures and documentation meet IRS standards.
We offer appraisals for single items, full estates and everything between, with all appraisals and consultations being completely confidential unless ordered by a court of law. Includes detailed descriptions and photographs (when necessary) of each item appraised. Our comprehensive evaluation reports are fully researched, bound documents analyzing the necessary data from regional, national, and international markets.
How to prepare for a personal property appraisal
Having a well thought out plan is important when having your items appraised. Here are some preliminary steps to consider before your appraisal.
- Determine why you need your items appraised. What’s your intended use? Donation, insurance claim, divorce, etc.?
- Know what you want to have appraised. Clearly identifying the scope of your project to the Estate Pros will make the appraisal process a lot smoother.
- Take an inventory of the items you would like to have appraised. A thorough inventory will begin preparing you for your evaluation.
- Photograph the items. A cataloged reference, either in photo or in video format, can serve as documentary evidence of the appraisal should it be necessary.
- Try and stay organized and create lists if necessary.
- If you have prior appraisals for any of your items, let the Estate Pros know, we can assess these evaluations for accuracy and use them to determine potential final appraisal values.
Why go with the Pros?
All of our appraisers rely on the standards and guidelines set forth in the Uniform Standards of Professional Appraisal Practice (USPAP), which contains Congressionally-authorized valuation standards. We make the appraisal process as easy as possible, handling all items with care and conducting our work with compassion and professionalism. Our scheduling is flexible, and our assignments completed quickly and accurately. Our experts will work with you from the initial free consultation to the complete execution of your appraisal and everything in between. You don’t need to lift a finger, we take care of everything for you!
The Estate Pros Difference
The Estate Pros have 15+ years of industry experience and thousands of satisfied clients and customers.
We have certified appraisers on staff and event teams with all of the marketing, staging and sale management expertise you need.
We are bonded, licensed and insured with confidential, private and secure services.
Our award winning service has raised millions of dollars in profits for our clients.