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VALUE REVIEW™
Published by Semler Appraisals & Estate Liquidations
A Professional Service for the Valuation of Personal Property
Winter
1999 Vol. 1, No. 1
Welcome to Value Review...
... a semi-annual newsletter with articles on current issues relating
to appraising and to the value of your personal property. The general
public is often poorly informed about the function of personal property
appraisers and of the important role we play in society. Over the
past several years, as an appraiser of personal property I've:
• saved insurance companies money by uncovering fraudulent claims
• helped claimants receive fair compensation after they've suffered
a tragic loss by theft or fire
• provided IRS-approved valuations for benefactors donating valuable
gifts to charities
• assisted in the settlement of estates
• advised heirs about the equitable distribution of estates
• acted as an Expert Witness
Value Review is intended to be a vehicle by which we can share information
with area professionals who may be unaware of the increasing value
of personal property or how that increase effects their clients
and customers. We hope to provide articles of interest to professionals
for whom an appraisal is often a necessary and important adjunct.
Have a question you'd like answered? Drop us a line or give us a
call and we'd be happy to address it in an upcoming issue.
Cost-cutting
Ideas
Appraisals can be expensive. To shorten the on-site inspection time,
please share the following tips with your clients who need appraisals:
• Make a list ahead of time of the items to be appraised
• Gather matching items or items from services together (i.e., sterling
flatware, crystal stemware, porcelain dinner service)
• Collect bills of sale, invoices, cancelled checks, and old appraisals
and place them near the appropriate items
• Remove fragile items from cupboards and cabinets
• Separate sterling from silverplate
• Move large pieces of furniture away from the walls
• Unpack items in drawers, trunks, or boxes
• Provide written historical information or family history that relates
to the items being appraised
• Find keys or combinations to locked trunks, chests, safes, closets
and doors
• Retrieve items in off-site safety deposit boxes that are to be appraised
• Make available all items specifically bequeathed in the will (for
estate appraisals)
• Keep conversations focused on the appraisal being conducted; don't
forget that the meter is running
If your clients don't have the time
or are unable to complete the advance preparations prior to our
arrival, we'll manage. It may just take a little longer.
Hypothetical
Appraisals
True or False-If we can't see it, we can't appraise it. If "true"
was your guess, read on. Hypothetical appraisals are used to estimate
the value of property which is no longer available for inspection,
such as property that has been stolen or destroyed by fire. The
value conclusions reached are based on critical assumptions, any
one of which could render the appraisal useless, if inaccurate.
All hypothetical appraisals must be clearly labeled as such and
the reason for the appraisal being hypothetical must be included.
In addition, the critical assumptions must be clearly identified.
These critical assumptions are based on verbal descriptions given
to the appraiser by the client, photographs, invoices, receipts,
cancelled checks, catalogs, sketches, etc. Hypothetical appraisals
are addressed specifically in the Appraisal Foundation's Uniform
Standards of Professional Appraisal Practice (USPAP).
Samuel Joins
the Team
Barbara Samuel, ISA, a graduate of the International Society of
Appraisers Core Courses, is researching and writing appraisals at
Semler Appraisals. Her specialty is French furniture and antiques.
On
the Light Side
Actual Classified Ad
For Sale: antique desk suitable for lady with thick legs and large
drawers.
Hours of Operation
For the convenience of our clients and yours, we are available for
appraisals and consultations between 8:00 AM and 8:00 PM weekdays,
and 9:00 AM to 1:00 PM on selected Saturdays.
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