Appraisals

Personal Property Appraisals

• What do you need an appraisal for?

The main reasons for personal property appraisals are:
(1) obtain insurance coverage for your treasured items
(2) equitable distribution due to death or divorce
(3) donations over $1,000
(4) loss of value (moving damages)
(5) value at the time of loss (fire).

• Do you need a value for insurance replacement (new or used condition?)

It is a very good idea to check their insurance policies and make sure you are covered. Also, video and photograph your household from various angles and keep copies in a secure place off site.

•  What types should be considered? 

     A.    Insurance Appraisals - the current replacement value of your items
     B.    Estate Appraisals - required for a taxable estate
     C.    Donation Appraisals - for donated items over $1,000 & required for items over $5,000
     D.    Pre-move Appraisals 

 

• What should be expected from an appraisal service?

Efficient and ethical service.  Appraisers should write their appraisals and keep them in the strictest of confidence.  All appraisals should be written by a qualified appraiser and the reports should be Uniform Standards of Professional Appraisal Practice (USPAP) complient.

• How is an appraisal performed?

The appraiser examines the property to be appraised.  This includes note taking on the size, condition, and compositon of the object.  Next, the appraiser photographs the item in order to document not only the conditions of the item but it's exsistance.  Values are researched using comparable sales for similar items in the most common market places.

• How do appraisers charge for their work?  Do they give estimates?

Appraisers charge by the hour or by the item.  Estimates are just that.  We can not estimate the exact charge for an appraisal although we may be able to give you a ball park figure for a report from past experiences.   The amount of time it takes for inspection, research, and report writing time is what determines your fee.  Travel expenses are charged for jobs located 30 miles or more from Amarillo. 

• What can I do to help this process along?

Gather any receipts, older photographs of the items, or any documentation (newspaper articles) that will help establish where and when the item was acquired or it's past life. An inventory is helpful but will have to be verified by the appraiser.

 

As an accredited member of the International Society of Personal Property Appraisers (ISA)            
                                                         www.isa-appraisers.org
I must strictly adhere to the ISA code of ethics and the Uniform Standards of Professional Appraisal Practice (USPAP) which is authorized by Congress as the Source of Appraisal Standards and Appraiser Qualifications.   
                                               www.appraisalfoundation.org  (for credentialing requirements) 

An accredited appraiser is expected to perform valuation services competently and in a manner that is independent, impartial, and objective.  

            (Beware of appraisers who want to buy what they appraise at the appraisal value they give you!) 
   
Due to the change in market values over the past several years, most insurance companies suggest your antiques, art work, collectibles, sterling, & fine jewelry be appraised every two to three years.  Update appraisals are not very costly and also provide a proof of ownership in case of a loss. 

       *Some of these standards will be changing next year!  Follow us for the updates!     www.isa-appraisers.org 

**This is not a sign up, pay your dues organization - but one you must meet certain minimum yearly  educational requirements in order to qualify to be a member .

Quotes for appraisals will be given at the time of inspection and are based on an hourly rate, the amount of time involved in the inspection, research, authentication, and inventory.  This is an estimated charge.  Our prices for appraisals are well below the national average:

• Written appraisals - used by the IRS, insurance companies, and attorneys estimated by hour.  (Considerations given when doing whole households)
• Verbal appraisals – there is no charge for "verbal estimates of market value" for items that are sold through LEGACY.  This is our service offered to our customers.                                             

• For items not sold through LEGACY, there will be a hourly fee.  
• Verbal estimates of value - these are considered fair market value appraisals by ISA & USPAP.    
• Additional research, court testimony, or travel may result in additional fees.    
• Inventory services without values, are also available at an hourly fee.

                         ( *Please note the IRS requires that an appraiser must have completed USPAP and be currently qualified.
                          Always ask to see an appraiser's credentials and check online to verify them.)

                         

 Contact :                       
                                                        Reba Jo Fleming, ISA AM 
                                             Antiques & Residental Contents Specialist 
                                                                      806.341.0754 - MOBILE


                                                             personal website:  www.rebajofleming.com      


                                                           2013-2014