Appraisal FAQs

Why Do You Need An Appraiser?

The same item may have many different appraised values depending on how you intend to use the appraisal. For instance, a value for insurance may be very different than a value for estate tax, consumer resale, or charitable contribution. click here for more….

What Questions Should I Ask an Appraiser?

The following seven questions will help you qualify any appraiser you are thinking of hiring. click here for more…

What are the Warning Signs of a BAD Appraisal?

• It is handwritten or unsigned
• The fee is based on a contingency or upon the value of the property
• The appropriate “purpose” and “assigned use” are not stated
• The item is beyond the appraiser’s expertise
• The appraiser is not willing and able to defend it in court (subject to the appraiser’s availability, and separate fee arrangement)

What are Some Elements of a Competent Appraisal Report?

• A cover document explaining in detail what type of value is being sought (“purpose”) and how the appraisal is to be used (“function” or “assigned use”).
• The methodology and resources relied upon, including market analysis and market(s) selected.
• A complete and accurate description of the property written in such a manner that it can be identified without photos. The date(s) and location of inspection, and the effective date of value.
• A statement by the appraiser that he or she has no financial interest in the property, or that such interest is disclosed in the report.
• The appraiser’s qualifications and signature. 
• A statement certifying that the appraisal has been prepared according to the Uniform Standards of Professional Appraisal Practice