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VALUE REVIEW™
Published by Semler Appraisals & Estate Liquidations
A Professional Service for the Valuation of Personal Property
Summer 2002 Vol. 4, No. 2
Preparing for an Estate Sale
Here are some tips to pass on to your clients in the event they
require the services of an estate sale manager.
• Remove all
personal papers and family photographs.
• Any items not
to be included in the sale should be moved out of the house.
• Clean out the
refrigerator.
• Dispose
of prescription medications and alcohol.
• Remove ammunition
from all guns.
• Donate contemporary
prescription eyeglasses to the Lions Club by dropping them off
at any eye doctor’s office.
• Do not throw
anything else away. *
• If possible,
arrange to have the phone service left on for the duration of
the sale. This may be necessary for credit card purchases
and it facilitates the pickup of large items after the sale.
• Collect instruction
pamphlets and brochures for household items, such as the washer,
dryer, oven, etc. and store in one place. They will be given
to the new owners when the items sell.
• Do not throw
ANYTHING else away. *
• If the home
is to be sold, arrange to have the realtor’s business cards
and the house graphics available during the estate sale.
Some people come to shop for the contents, some to see the house.
• If items from
a safe deposit box are to be sold, make them available to the
estate sale manager.
• If an automobile
is to be sold with the estate, ensure there is clear title and
have it signed and available for the estate sale manager.
• Do NOT throw
anything else away. *
• The drawers
and cupboards do not need to be emptied. The estate sale
team will sort, organize, clean, and display the contents of the
home.
• Select a charity
to receive any unsold items after the conclusion of the sale.
• DO NOT THROW
ANYTHING ELSE AWAY! *
• Turn the house
keys over to the estate sale manager, sit back, wait for the check
and an empty house.
* Avoid mistakes others have made. Let the estate
sale team determine what has value and what is salable.
The Appraisal Process
Every appraisal is different, but all have several elements in
common. Each appraisal begins with an examination of the
item or items. The appraiser meticulously examines the property
to evaluate characteristics, note condition, obtain measurements
and take photographs. The information is recorded on paper,
in a computer, or with a tape recorder. This phase is performed
“on-site.”
Color photographs are taken with a 35MM or digital camera
and included in the appraisal report. Extra photos may be
taken of details of the items to aid in the research phase.
If necessary, photographs are taken to comply with IRS regulations.
Value conclusions for estate and divorce appraisals are
based upon Fair Market Value. For insurance appraisals,
the value conclusions are based upon Replacement Cost. Research
involves identifying marks and labels, verifying dates, locating
comparable items, investigating appropriate markets, and consulting
with experts, if necessary. This approach produces an accurate
report that fully protects the client and the property.
The final phase in the appraisal process is the preparation
of the appraisal report. Included in the report is a cover
letter detailing the process taken and definition of values used;
an itemized list of the property appraised; and the appraiser’s
qualifications. A seal is impressed over the appraiser’s
signature, and, if necessary, the report is bound.
These are standard procedures for all types of appraisals.
Newsletter Goes High-Tech
Beginning with the next issue, the ValueReview newsletter will
be available electronically. If you would prefer to receive
an electronic copy, please provide your email address to us via
phone (972-416-3417), email (semler@ValueReview.com), or fax (972-416-1122).
If you would like to continue receiving a paper copy, do nothing.
If you no longer wish to receive the newsletter, please let us
know. Previous issues will soon be available on the website,
www.ValueReview.com. Visit us there.
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