What is an appraisal?

THERE ARE SEVERAL OCCASIONS WHEN YOU MAY NEED APPRAISAL SERVICES:

INSURANCE FOR HOUSEHOLD CONTENTS, ANTIQUES & ART

All homeowners need insurance to protect their valuables against loss.

Homeowner’s insurance policies provide for payment for items of personal property lost through fire or theft.  Many policies, however, limit the amount paid unless your valuables are specifically listed with their values by means of a bona fide appraisal prior to loss. 

A properly prepared appraisal document by an accredited appraiser can help assure you will be properly compensated in the event of a loss.  The appraisal document also provides the necessary proof of ownership.  Most insurance companies require that appraisals be updated every few years.

DIVORCE & EQUITABLE DISTRIBUTION

            Whenever valuable property is to be divided, an objective appraiser’s services are necessary in assigning values upon which the division will be made.

ESTATE EVALUATIONS

            In the event of death, many states require property in the estate to be inventoried and appraised to establish a basis for determining estate taxes.  This appraisal also becomes useful when the estate must be divided equally among heirs.

            If a federal estate tax return must be filed, appraisals meeting strict criteria be performed by a qualified appraiser. 

CHARITABLE DONATIONS

            Recent changes to IRS code require the donor to obtain an outside appraisal by a qualified appraiser for any donation worth more than $5,000.  Changing legislation and strict IRS procedures make it essential that donors seek the assistance of a knowledgeable and qualified appraiser for all federally related appraisal purposes.

LIQUIDATION AND BROKERAGE SERVICES

            Several circumstances such as receiving an inheritance, retirement, relocation, divorce, or death  can necessitate a decision to dispose of one’s personal property or an estate.  Craig Antiques & Appraisals offers counsel in making the difficult decisions relating to estate disposition.  These services can help you in deciding what to keep, what to throw away or donate, what to sell, what’s valuable and what isn’t.  WE DO NOT BUY.  We only act as an assistant in liquidation.

CONSULTATIONS

            Frequently relatives inherit or are given the task of disposing of an accumulation of household property perhaps collected over several generations.  Often, it is necessary to divide this property equitably among heirs.  In often trying situations and in haste, many times there is insufficient attention placed on identifying items of worth or of historical or collectible significance.  Advice and assistance from a knowledgeable and objective third-party (who does not have an interest in purchase) can be invaluable at this time.

            We offer a consultation and inspection service to locate and identify items of value.

CLAIMS SERVICES

            We also welcome insurance, casualty, and moving damage assignments.  We can provide:

·         Professional appraisals

·         Pre and post move inspections and reporting

·         Photo documentation

·         Loss of value recommendation

CHOOSING YOUR APPRAISER

            The International Society of Appraisers (ISA) is a professional association that requires its members to successfully complete course work and examinations to receive the designation of “Accredited Member”.  Members must demonstrate advanced knowledge in a specialty field in order to receive this accreditation.  The University of Maryland University College thoroughly reviews all ISA courses insuring that they meet the high academic standards of the University.

            An ISA educated appraiser’s value conclusions are based on prescribed methods of evaluation, research, and reporting.  Bankers, financiers, investors, trustees, executors, attorneys, judges, federal and state tax agencies are all dependent on the expertise of the professional appraiser.  Qualified, educated appraisers understand the many different types of values, assigned uses, and market levels as described herein.  Craig Antiques & Appraisals will work with you to choose the proper type of value so that you can use your appraisal correctly and effectively.

ALSO AVAILABLE FOR SPEAKING ENGAGEMENTS.

CONTACT US

A COMPETENT APPRAISAL REPORT HAS:

Ø      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”).

Ø      The methodology and resources relied upon, including market analysis and market(s) selected.

Ø      A complete and accurate description of the property written in such a manner that it can be identified without photos.

Ø      The date(s) and location of inspections, and the effective date of value.

Ø      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.

Ø      The appraiser’s qualifications and signature.

DO NOT ACCEPT AN APPRAISAL IF:

Ø      It is handwritten or unsigned.

Ø      The fee is based on a contingency or upon the value of the property.

Ø      The appropriate “purpose” and “assigned use” are not stated.

Ø      The item is beyond the appraiser’s expertise.

Ø      The appraiser is not willing and able to defend it in court (subject to the appraiser’s availability, and separate fee arrangement),

Antique Furniture - Country, Victorian, and Mission.  Lighting, Pottery, Ceramics, Glass, Silver, & More.

Craig Antiques

& Appraisals

Diana Craig Sparks

Accredited Member

International Society of Appraisers

105 N. First Street

P.O. Box 183

Pierceton, IN  46562

(574) 594-2244

www.craigantiques.com

www.bctreasuretrove.com

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