The Appraisal Process
THE APPRAISAL PROCESS
A written appraisal is made by initially conducting an
on-site inspection and preparing description of the property. Later the
descriptions are finalized, necessary research is conducted and the appropriate
values and/or costs are assigned. Three type-written copies of the appraisal are
then prepared – two copies for the client, with one retained in my secure files
for future reference. I charge an hourly rate for my services with a three hour
minimum. I request that payment spent on site be made upon completion of my
inspection and the remainder is due prior to my sending you the finished
While I do not personally appraise jewelry, coins or stamps, I
have experts, who are colleagues of mine in the ISA and the trade, at my
disposal to assist me in these areas if needed. The appraisal will be prepared
in conformity with and will be subject to standards and requirements set forth
in the ISA’ s Code of Ethics and Appraisal Report Writing Standard. In addition,
the appraisal will conform to The Appraisal Foundation’s Uniform Standards of
Professional Appraisal Practice (USPAP).
A competent appraisal
report has …
- 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
- A complete and accurate description of the property written in such a manner
that it can be identified without photographs.
- 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.
Do not accept
an appraisal if …
- 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).