Selecting an Appraiser
Art collectors often have questions about the purpose of appraisals.
Here are some consumer guidelines to consider when hiring an appraiser. These guidelines are excerpted from the consumer brochure published by the Appraisal Foundation, Washington D.C. ____________________________________________________________________________________ What's It Worth? A Consumer's Guide to Appraisal and Selecting an Appraiser
Have you ever ... Bought a house? Sold an antique? Inherited a farm? Donated property? Owned a business? Bought jewelry? Served as an executor of an estate? Given up part of your property through a right of way taking?
If so, then you are like most people who from time to time enter into a situation, financial or otherwise, involving the need for an appraisal.
An appraisal is an independent, unbiased estimate of value that often serves as a cornerstone in a transaction. Professional appraisers value property with independence and objectivity.
Protecting your interests
An appraisal can be key to protecting your interest in many financial dealings. When there is a question as to the value of your property, there is also a risk involved.
Value oriented risks may include:
selling too low
buying too high
being over or under insured
not getting your fair share in a division of property
paying too much in taxes
being audited when claiming a deduction for a charitable contribution
A professional appraiser helps you manage your interest by providing a well-developed and documented, unbiased estimate of value upon which you can base your financial decisions ....
Setting the Highest Standards: The Mark of a Professional Appraiser
A key question to ask prior to engaging an appraiser is whether or not he or she performs services in compliance with the current annual edition of the Uniform Standards of Professional Appraisal Practice (USPAP). USPAP, published annually by the Appraisal Standards Board of the Appraisal Foundation, is the generally accepted set of standards of professional appraisal practice in North America. In the United States, USPAP is recognized by ... Federal bank regulatory agencies, and many other Federal, state, and local authorities.
Adapted from What's it Worth. A Consumer's Guide to Appraisal and Selecting an Appraiser.
Copyright, The Appraisal Foundation, Authorizied by Congress as the source of Appraisal Standards and Appraiser qualifications, Washington, D.C.