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Home & Lifestyle
AUGUST / SEPTEMBER 2020 • IDAHO SENIOR INDEPENDENT
What is an “Appraisal,” and Why Do I
Need One for My Personal Property?
BY DOROTHY I. LONG
ISI/CAPP, DIL APPRAISALS, INC.
(MT. ANTIQUES & VINTAGE DIRECTORY)
An appraisal is defined as the act or process
of developing an opinion of value, and an
appraiser is a person with the education and
credentials to perform valuation services
competently and in a manner that is inde-
pendent, impartial, and objective.
Although personal property apprais-
ers are not licensed as are real estate
appraisers, we are held to the relevant
requirements of Uniform Standards of
Professional Appraisal Practice (USPAP)
and are members of a credentialing orga-
nization, of which there are three: the
International Society of Appraisers (ISA),
Appraisers Association of America (AAA),
and American Society of Appraisers (ASA).
HIRING AN APPRAISER
Appraisers under USPAP are beholden
to give an independent, impartial, and
objective opinion and must have no inter-
est in the property being appraised. In
other words, they are not going to turn
around and offer to buy items from you.
An objective opinion will be developed
through research in easily understood
written reports for selected intended uses,
such as buying or selling in a variety of
markets, being properly insured, receiving
your fair share in the division of prop-
erty, avoiding penalties or audits when
claiming a tax deduction for charitable
contributions, or calculating estate taxes.
THE PROCESS
When you give an appraiser a call, they
will ask you about the property and what
you want to do with the item(s). For most
calls I receive, people just want to know
what they have, but would like to sell if it
is worth anything.
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PAGE 7
An appraiser can help you photograph, list, and value all your items and provide separate reports for
insurance or for future use in your estate. The good news is you can save time and money by doing much
of the process yourself. © vfhnb12, Bigstock.com.
I usually like to start with having the According to the USPAP, appraisers do
client send me a few photographs, and then not take any commissions or get finder
I can better give some advice. fees for any of their work, so the choice of
I do not charge for this initial review, venue to sell is yours based on the facts the
because often the work has a low value appraiser provides.
and is not worth the investment of a more An appraiser charges an hourly fee for
formal written appraisal. the number of hours worked or a flat fee
I can then provide a comparable item negotiated based on the time involved.
with a value from the auction market or an The best advice I can offer families is
Online listing that can offer some guidance. to document your most precious personal
For items that have some value or need property before all the facts and memories
further research, I provide an estimate of attached to them are gone.
the cost to prepare the proper report for the An appraiser can help you photograph,
intended use. list, and value all your items and provide
Does the client need a report for obtain- separate reports for insurance or for future
ing insurance coverage, or submitting a use in your estate.
damage claim? Do they need an estate report The good news is you can save time
for IRS tax reporting or equitable distribu- and money by doing much of the process
tion for family members? Or do they just yourself. It can be a fun project for all
need some estimates from reputable auction the family! ISI
houses or dealers who can sell the item(s)?
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