American bannister back side chair circa 1725 with replaced rush seat
How does the Appraisal process work?
The appraisal begins with a discussion between the appraiser and the client to determine the Scope and Purpose of the appraisal project.
A site visit is recommended to provide both the client and the appraiser an accurate understanding of the scope of the project, the time required and subsequent fees. The client and appraiser sign a letter of agreement. A downpayment of the total service fee is provided with the balance due upon receipt of the appraisal report(s). The appraisal fee is based on time and materials required by the appraise to complete the project.
The appraiser executes an onsite inspection of the property wherein the material to be appraised is documented thoroughly (examined; measured and photographed).
The appraiser conducts the appropriate research to identify market comparables relative to the purpose of the appraisal project.
The appraiser writes the certified Appraisal Report which is sent to the client and/or client's representatives.
What comes in the Appraisal Report?
A report that meets the Uniform Standards of Professional Appraisal Practice (USPAP) must include the following:
Letter of Certification signed by the appraiser
Scope of Work which clearly outlines appraisal project--purpose of the appraisal, what the appraisal includes or excludes, dates of inspection etc...
Summary of Values usually sorted by category and location
Description of Items is a complete discription of each item with appraised value. Valuation discussions may be included where appropriate.
Appraisers Credentials
Other Pages and Appendices: List of Resources used, List of Terms used, Photographs of record
* USPAP compliance indicates that the professional appraiser has successfully completed a fifteen-hour course and passed the required examination in Uniform Standards of Professional Appraisal Practice and is mandated to remain compliant with all current USPAP standards.
