I'm often contacted by people seeking a "value" of an item. Usually, the caller already has a "value" in mind. Perhaps a neighbor or friend gave them guidance, or maybe they saw it on a television show, or read about a like item in the local paper. In many instances, for the user and the intended use, the estimated value they have in mind will work just fine. If, however, the information is going to be used beyond casual conversation, you may want to understand more about USPAP and compliant personal property appraisals.
When contacted, my first question is always, "why are you looking for a value?". The second question is "who is the value going to be used by?". Both questions, and their answers, are fundamental and necessary to beginning the formation of a USPAP compliant appraisal. There is often a distinct difference in methodology when providing "value" for insurance, divorce, tax donation or other purposes.
USPAP, (Uniform Standards of professional Appraisal Practice), was formed to "promote and maintain a high level of public trust" in appraisal practice by establishing requirements for appraisers. These requirements include written standards that must be followed for methodology, content and structure, and also mandate certification of the data provided. There are also specific ethical and disclosure requirements that must be adhered to. All of this is for your protection as the Consumer, for the protection of the appraiser, and for the industry as a whole.
Asset and Estate Liquidators, LLC now offers USPAP Compliant Personal Property Appraisal Services. The service has been added as an extension of Personal Property Inventory Services, in an effort to offer a more complete and comprehensive level of service to Clients.
Don't hesitate to give us a call if you have questions about whether or not you should contract a written appraisal. Start by answering the two first questions, "intended use and user(s)". The answers will help guide whether a written appraisal is worth the investment!