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APPRAISALS & VALUATIONS
Appraisals: compliant, correct and professional
Written personal property appraisals may be needed for a variety of purposes:
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Insuring objects of value.
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For federal tax function obligations (including estate settlement and donation valuation).
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Calculating market value before offering an item for sale.
Edward can help. He will produce an appraisal that is compliant with the Uniform Standard of Professional Appraisal Practice (USPAP) guidelines: professional, accurate, impartial and timely.
Valuation Services: A preliminary step
Do you need a rough idea of value but not for legal or tax purposes?
Are you looking to get a broad idea of what might be important in a collection or which contents of an estate are worth investigating further?
Valuation services are a good start. They are not the same as a formal appraisal and hence costs can be kept to a minimum.
WHAT IS AN APPRAISAL?
-An appraisal is the act or process of developing an opinion of value and reporting it. An appraisal should be compliant with the Uniform Standards of Professional Appraisal Practice (USPAP) and be developed by a qualified appraiser.
-A qualified appraiser is one who has experience, professional training, professional organization membership and complies with USPAP.
WHAT DOES AN APPRAISAL COST?
-The cost of an appraisal depends on what needs to be done. We charge an hourly rate for appraisal work. For select projects we can work on a flat fee basis. Contact us and we can discuss your project and costs further.
-We do not charge based on a percentage of the valuation, this is a clear ethical violation and you should avoid anyone who does this!
WHAT ARE THE KINDS OF APPRAISALS?
-There are three broad types of appraisal value determinations, dictated by the intended use of that appraisal.
-There are appraisals that determine value for tax filings, distribution or resale. Some appraisals estimate cost such as ones for insurance. The final type results in a calculation of present worth, usually used for properties that are expected to produce income in the future.
WHAT DO YOU MEAN BY VALUATION SERVICE?
-Sometimes you need a rough idea of what something is worth, but not a full legally binding written appraisal. Edward can help you get a rough idea of value, with limited research and cost.
WHEN SHOULD VALUATION SERVICES BE USED?
-Our valuation service is useful for planning purposes, for helping to determine what might be worth having a formal appraisal undertaken on, or for just so you know more about an item.