The Appraisal Process
In general, an appraisal is made by initially conducting a physical examination/inspection of the property/item(s), preparing a detailed description, conducting the necessary research, analyzing markets, trends, assigning the appropriate value, and preparing a written report.
The appraiser meticulously examines all the items to be included, evaluating their characteristics, recording any distinguishing features, obtaining measurements, documenting condition, noting any marks, labels or signatures, recording the provenance of each item and executing any applicable photographs. Note that for some types of casualty losses (fire, theft, etc.) a physical inspection may not be possible however property descriptions can be prepared and an appraisal conducted.
- Later, the descriptions are finalized, the proper value approach and methodology is determined, the necessary research is conducted (markets are examined and analyzed, dates verified , comparables located, various data is observed and analyzed). In some cases, it may be necessary to consult with outside experts and/or conduct x-rays or pigment analysis. After the research and market analysis, the appropriate value is assigned to each item.
Two written copies of the appraisal are then prepared - one professionally prepared typewritten, numbered and bound original copy for you and one photocopy. Any additional photographs or video tapes paid for by the Client are sent with the final report. An additional copy is retained in our secured files for future reference. ALL client information is held strictly confidential.
Appraisal reports are prepared in conformity with and are subject to the report writing standards and requirements set forth in the Code of Ethics and Professional Conduct of the International Society of Appraisers, and in accordance with the Appraisal Foundation’s Uniform Standard of Professional Appraisal Practice (USPAP) or completed in accordance with IRS regulations.