Diamond appraisals can be tricky business. First off, virtually anyone can call themselves an independent jewelry appraiser. There is no law requiring appraisers to be licensed in the same way that lawyers and physicians are licensed.
Grant it, there are associations, schools and institutes that jewelers can attend in order to become qualified to appraise diamonds but even then, an appraiser’s “say so” does not necessarily make it so.
I have been reading where some jewelry appraisers are secretly on the payroll of jewelers in exchange for undervaluing items from competitors (which could ultimately result in loss of sales).
Secondly, appraisals are not the same as diamond grading certificates or reports. I have seen undercover investigatory reports conducted in shopping mall jewelry stores, where clerks show a reporter their “certificates” which contain appraisal values of various stones.
A clerk would say something like; “We are selling you this engagement ring for $ 900 but you can see on this diamond certificate that the stone was appraised for $ 2200.”
What a deal right? Well, ding ding ding – red flag!
For one thing, reputable diamond reports such as those done by the GIA, AGS and GCAL don’t offer appraisal values but rather give their independent evaluations of the clarity, cut, carat and color of stones. The price of getting a report done might be on the report but not a figure stating how much a diamond is worth.
The next thing is – don’t get drawn into the hype of an engagement ring “blowout sale”. If a particular diamond appraisal is one that a jeweler can put stock in, you can bet your last dollar that the jeweler would be selling the stone for $ 2200 and not for $ 900.
Many jewelers can afford to give blowout sales because initially, they are selling engagement rings at 200-300% above wholesale prices. And if you inspect those cheap engagement rings, don’t be surprised to find that they are not cut nicely or have poor clarity.
And if you decide to buy that “cut price jewelry,” good luck returning it and getting your money back. You might be told that there are no refunds on sale items.
When buying an engagement ring online, go with highly reputable retailers such as James Allen or Amazon. They offer a wide array of quality pieces to fit any budget plus they iron clad 100% money-back guarantees should you not be pleased with your purchase.
Profile Of A Credentialed Jewelry Appraiser
Simply put, you want to take advice from people that are trained to appraise jewelry and have professional experience in the area. Go through this checklist to see if your potential appraiser fits the bill of a credentialed appraiser.
1. At the very least, have your diamond appraised by at Graduate Gemologist (“G.G”) or the comparable Fellow of the Gemological Institute of Great Britain (“F.G.A”). The ‘G.G ‘is the jewelry industry’s most prestigious credential.
Professionals with these qualifications were put through rigorous approaches to comparing, grading, identify, buying and selling stones.
However, bear in mind that neither “G.Gs” nor “F.G.As” were taught how to appraise stones. Ideally a jewelry appraiser should have top gemological credentials as well as additional training and certification from a reputable appraisal organization.
2. Does the person doing the valuation have references? Ask for references. A professional appraiser with experience should be able to give you references from places such as banks and trust companies.
3. Have your diamond appraisal conducted by an independent third party – not someone connected to a jewelry store. When appraisals are issued in-store, they are typically done for the purposes of getting customers to buy the merchandise of that particular store.
What you want is to have an engagement ring appraised by someone who does not give two hoots about whether you buy the ring or not. The typical store clerk who so eagerly gives you his/her “expert opinion’ is neither independent nor professionally qualified to give a valuation. Hence, take store clerk or in-store valuation with two “grains of salt.”
Some popular independent appraisers include the Accredited Gemologists Association, American Society of Appraisers and the National Society of Jewelry Appraisers.
Anatomy of a Diamond Appraisal
An engagement ring is something you’d want to treasure but if you or your significant other loses his/her ring, then you’d want to have some sort of fall back position – insurance.
Some people think that if you buy a ring for $ 2000 and insure it for $ 4000, then if the ring is lost, the insurance company will simply issue a check for the $ 4000. Well, we all wish it were that simply – don’t we?
An insurance company would want to look at your ring’s valuation to help them reach a payout figure. But If the valuation does not contain explicit accurate description of the ring, then be prepared for the likelihood of getting a payout that is much less than the sum insured.
Because when the insurer goes to a jeweler and says that you normally sell this ring for $ 2000, how much will you sell it to me for; if the jeweler says $ 1000 or $ 1200 then that is what you’ll get.
But if the valuation contains the pertinent information and is reputable, then you have a greater chance of getting an appropriate replacement in kind. Why “in kind?
Because insurance contracts often limit cash settlements. Furthermore, since insurance companies have volume buying power and purchase agreements with their suppliers, they can get appropriate replacements for substantially less than what consumers can get.
Since different kinds of jewelry insurance policies exist, I would advise that you chat with your agent or broker for more details on your options and the settlement practices.
At a minimum, a thorough jewelry appraisal will have the following:
A picture of the jewelry.
Style number, brand name of the diamond, shape, measurements, and weight.
The 4Cs of the stone – color, clarity, cut, and carat weight.
The lab that issued the diamond grading report and the report number.
Karat of the metal
The type of construction, craftsmanship, and design.
The date, appraiser’s name and signature, addendum information, and qualifications page.
The value and the purpose and function of the appraisal. For example, was the diamond appraisal done at market value for tax purposes or at retail value of insurances purposes.
Transparency In Jewelry Valuation
An appraiser having credentials is one thing, but the valuation process itself should be one that takes place right in front of you. So a transparent appraiser will:
Not ask that the diamond be pulled from the setting. You want to safeguard yourself from an appraiser switching your stone to one of lesser quality. Although, there is greater accuracy in valuating a loose stone than one still in the setting.
Weigh a loose stone in front of you before the appraisal begins and after the process is completed.
Clean the piece in front of you
Only give you ranges in clarity, color and color if the stone is appraised while mounted. According to noted diamond expert Fred Cuellar, the highest grade for a diamond that is mounted is VS1 clarity and G in color.
Not give you an exact figure for what a piece of jewelry is worth but rather offer up a range.
Won’t ask or offer to buy your jewelry or sell you one of his/her own
Won’t charge you a fee based on the value of our jewelry. This should help remove the temptation to overvalue the merchandise.
Want to know if you want the dump, wholesale, retail (fair market), or premium value of your merchandise.
While appraisers are not Gods, you’ll ideally only want to deal with an appraiser that stands fully behind his/her work. That is, there won’t be any disclaimers on the appraisal saying the appraiser won’t be held responsible for any action that is taken with the appraisal.
If an appraiser doesn’t stand behind his work, then there is little point in having the valuation done in the first place.
The Consumer Guide to getting a quality engagement ring at a great price. Visit: http://www.trendyengagementrings.com/category/engagement-rings-guide
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Nowadays home buyers require a loan or mortgage to afford their first home. While home buyers can look at any home, the amount of loan they can acquire will be determined by their lending bank or broker. Even with credit approval for the amount of the agreed upon home sales price, the lending company may require an appraisal of the property to ensure that the amount they are lending the buyer actually reflects the market value of the home (in the case that the bank has to reclaim the home due to a defaulted loan).
The lender will often times select an appraiser to visit the property to determine the home market value. Even if the seller opts to get an appraisal the seller should realize that the lender is not required to use the seller’s appraisal to determine the value of the home. However for the purpose of pricing to sell your home, acquiring an appraisal may aid to determine whether your asking price reflects a relatively fair market price.
There are many ways a home seller can acquire an appraisal. Online home appraisals can typically offer an instant home appraisal, though the home seller should understand that the appraisal acquired online will not be personalized to include any defects or upgrades in the home that may exist. These defects or upgrades when realized by the lender’s in person appraisal could cause significant difference in the home value than that obtained online.
Consideration to the fluctuations in the real estate market should also be applied to these instant online appraisals. While some online appraisal sites will use recent sales to assist the calculation, they may not accurately account for buyer’s market (real estate market is favorable for buyers) or seller’s market (real estate market is favorable for sellers) trends for your area. Therefore in order to sell your home fast you may need to adjust the price to make it more competitive than the online appraisal suggests.
Using several free online home appraisal sources to obtain a baseline sales price, then applying your own knowledge of any defects, repairs, “slow sales market” knowledge can help to ensure you are pricing your home in line with the fair market value.
Additional home selling tips and resources to aid in the right pricing to sell your home [http://howtosellmyhousefast.net/pricinghometosell.html] can be found at [http://howtosellmyhousefast.net/pricinghometosell.html]
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A home appraisal can be a very important tool for the real estate investor. An appraisal is a neutral third party assessment as to the value of the property in question. An appraiser will look at the property inside and out, as well as properties that are similar in the same area, and make a determination as to how much the property is worth, or the value of the property. A real estate appraiser normally has gone to school or taken courses to learn how to estimate the value of a property.
A home appraisal should be done for the protection of both the buyer and the seller. An appraiser should determine the value of the home without any pressure from the buyer or the seller. An appraiser should be impartial and not receive payment from one side or the other. Normally the lending company will have an appraiser come out before the loan is approved and give the appraised value. This value is what the bank or mortgage company will go by in determining the amount of the loan.
Investing in real estate without having a property appraisal done is not a smart move. Without an appraisal, you could end up paying too much or asking too little. The appraisal gives you a basic idea of the value of the property before you invest in it. If the property is only appraised at one hundred thousand dollars, but the asking price is more than this, then negotiations will have to take place between the buyer and the seller to settle any differences in the price and the actual value of the home.
There are a few different ways that an appraisal is done. These methods are the cost method, the income method, and the sales comparison method. The last method is the one that is used most frequently to appraise residential real estate investments, because it is considered the most accurate method. The cost method of appraisal takes into account the estimated cost of improvements to the property, plus such factors as the deterioration of the materials involved, and then considers the value of the land. The income method of appraisal for real estate investing is mainly used for properties that will produce an income, and this method is based on the amount of income that the real estate investment will provide. The third appraisal method is the sales comparison method, and this method compares the sales prices of properties that are similar and have been sold recently. This is the most popular method of appraisal for real estate.
A home appraisal is needed to protect everyone in the transaction. If there was no appraisal then neither party would know what the actual value of the real estate investment is. This protects the buyer from paying way too much. An appraisal also protects the seller from asking too little for the property. If the house is appraised at $ 100,000, then only a fool would try to buy it at $ 150,000. An appraisal tells the actual value of the property and what the market worth is. No one with any real estate knowledge would invest in real estate without having a neutral appraisal done.
Joel Teo writes on various financial topics including Las Vegas Real Estate . Learn about Las Vegas Real Estate Investment at http://www.RealEstateInvestment101.info
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The judgment of any professional home appraiser is dependent on his / her viewpoint. It’s essentially an estimation of what a particular piece of property is worth. The cost of a home appraisal, somewhere between 300-400 dollars, is often a necessity for many purchasers, and sellers frequently find them useful too.
All properties are distinctive, and an appraisal will require all facts into account. The appraiser actively seeks many specific components. First, the appraiser notes how big is the lot along with any developments to the lot, as well as any interests or rights belonging to it. The appraiser will also need to understand what a home was made with, what size it is, as well as the size of all of its rooms. Moreover, the appraiser will need proof from the home’s original completion date, as well as the age and type of appliances that will come with it. Next, the particular appraiser asks for details about such systems as heat, AC, plumbing as well as electric. An experienced appraiser will note the value of aesthetic features of a home as well: the presence of a basement, a particular attic, and also a garage plus the way a home is adorned is all crucial. Damage to a home from fire or even natural disasters will be apparent to a skilled appraiser, and definitely will affect the value of a home.
Interestingly, the characteristics of the home and land are not the only components that effect its price.If existing homes aren’t selling well, or new homes aren’t being created in the place, the value of your property will probably be lowered.These components, as well as any kind of details about desirability of the neighborhood will certainly affect the appraisal value of the house.
Any individual who is getting ready to buy a home should be aware that lenders demand appraisals. The borrower is in charge of the cost of the appraisal, and it is generally paid through the lender. Appraisals are also required when a homeowner refinances his house to be able to figure out the current market value of the home. In case you are the owner of a rental property you simply must have an appraisal carried out to be able to determine the market price of the rental unit. Homeowners might choose to have their home appraised prior to placing it in the marketplace as this may help them determine which features need to be improved prior to selling.
Appraisals tend to be useful pieces of information for a lot of reasons. They likewise have a dramatic effect on the sale cost of an individual’s home. Homebuyers and the ones selling home discover the information within an appraisal equally useful. Because appraisals are essential, it is imperative that the appraiser hired is well educated, experienced, and licensed.
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Home appraisal is referred to as the developing of expert opinion of certified appraisers or valuation surveyors who will give the market value of the property you are planning to purchase. Real estate appraisal is also known by other terms such as land valuation or property valuation. Since home appraisal is an indispensable method included for the completion of your home purchase transaction, it is imperative to know its importance and value. Primarily, appraisal originates from the notion that no two properties are completely the same or identical based on their location.
Home appraisers are those that undergo coursework and internship under stringent standards by the state to get the required certification. Appraisers ought to be third party individuals who have no financial connection to any of the parties involved in the transaction. Those who are first time home buyers need to know that appraisals have a part in the payment dues included when applying for mortgage.
What is the difference between home appraisals and home inspection?
Potential home buyers when making ocular visits to the property they wish to purchase hire professional home inspectors to help them determine potential problems in the house if there are any. Inspection includes testing the air and heating system of the property as well as other important functions like plumbing and chimneys. While property appraisers are the ones who only deal with the obvious issues vis-à-vis salient details of the subject property, the type of area the property or home is located among others.
You will also find in an appraisal report the detailed assessment affecting the market value of the property and the average sales time you will expect. Therefore, if the asking price of the property is higher than its actual value, then the seller is actually overpricing. This is certainly a very significant method at the initial stage of the transaction since it surely keeps you secured from all forms of discrepancies and fraudulent pricing.
What are the methods used in appraisals?
In order to determine the authenticity and accuracy of the appraisal report presented to you, it is important to take note and understand the methods of coming up with a market value for a particular property. For residential appraisals, two common steps are utilized as follows.
o Sales comparison approach. With the notion no two properties are exactly identical, the appraiser makes the estimation using a method of comparison to other similar properties for sale in the same area. The term used for such types of properties is comps or comparables.
o Cost approach. This is applicable for new properties wherein the appraiser assessed the property value with its repair costs whenever the structures are to be replaced or destroyed.
Home appraisals certainly hold a salient role in the process of home purchase. The real estate industry is actually an extremely competitive and cunning milieu that needs skills and knowledge to deal with. Getting the most out of your investment surely means having the right and genuine home appraisal for your target property.
Discover more valuable tips on home appraisals by visiting Residential Real Estate in Phoenix. You may also check Phoenix Homes Blog for additional real estate information.
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Whether you are seeking a written appraisal of your fine American Art or just trying to determine the current value of your collection, the first step is to contact a qualified appraiser who specializes in American Art. Working with an appraiser should be a pleasant experience. You can search through the websites of recognized appraisal associations such as the Appraisers Association of America, Inc.; American Society of Appraisers; and the International Society of Appraisers.
General knowledge is not expertise:
A qualified appraiser should contract for appraisal work only within the areas of their specialization, professional experience and competence. No appraiser can possibly be an expert in every area of the art world. Auction houses may give you their idea of value based upon what they think it can sell for at auction. These values are generally given in a range (i.e. $ 50,000-$ 75,000) which is an “estimate” of what they hope they can sell it for at public auction.
After an initial communication to establish what type of appraisal is needed (for insurance replacement value, fair market value for estate planning or donation to a museum or other institution) an appointment will be made to inspect the painting in your home or place of business. Appraisals that are done long distance by images or photographs are not truly complete and must state within the appraisal the departure from the rules. Such qualifications may affect an appraisal from being used in the future in certain circumstances particularly when submitting the appraisal to the I.R.S. which now requires a physical inspection for tax deduction and/or an estate evaluation. A personal inspection also gives the appraiser much more pertinent information in order to establish the artwork’s true value.
A proper appraisal is not a five minute inspection or an email:
Experienced appraisers know what to look for that may not be apparent to others. Sometimes condition is not what you can see, but what you can’t see with the naked eye. A visual inspection under the ultra-violet light by an appraiser who understands and has experience evaluating condition can reveal many hidden issues regarding the artwork. This first hand information is essential to an appraiser when researching comparable works of art. While appraisers are not conservators they will often be able to determine what, if any past restoration was performed.
Written Appraisals:
An appraisal document is a signed document with images included that establishes the value of your artwork. It is prepared in accordance with the guidelines of their respective appraiser’s society and to comply with the Uniform Standards of Professional Appraisal Practice. As of August 17, 2006 there are new guidelines pertaining to “qualified appraisals” and “qualified appraisers”. Gift and estate appraisals must now be completed by an appraiser who has “earned an appraisal designation from a recognized appraiser organization” and must be “conducted by a qualified appraiser in accordance with generally accepted appraisal standards….consistent with the substance and principles of USPAP”
Appraisal documentation includes a full description of the artwork, images, biographical information on the artist, provenance (when available), an assessment of quality and condition as well as retail, private and/or auction records for comparable artwork.
Insurance Replacement Value:
This type of appraisal reports the amount/value that would be required to replace a work with another of similar age, quality, origin and condition within a reasonable length of time in an appropriate and relevant market. Copies of this type of appraisal can be furnished to your insurance company for your scheduled fine arts policy in case of losses due to fire, theft, damage, flood, etc.
Fair Market Value Appraisals:
As defined by the IRS, an FMV appraisal is “the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having a reasonable knowledge of relevant facts.”
Additional types:
Other types of appraisals can be written and tailored for specific circumstances when required for estate planning, object donation to a recognized museum or institution, collateral, and liquidation of property and forced sales.
All appraisals are held in strict confidence:
Written appraisals and copies of such should be furnished to you and only to you.
A proper appraisal is not a five minute inspection:
Appraisals are not simply someone making an educated guess as to value. True appraisals are based upon comparative price research, using published international auction records for all works by the artist, dealer’s prices, lists and verbal quotations for other works by the artist, the appraiser’s personal knowledge of private transactions concerning the artist’s work and market activities of collectors, dealers, and institutions interested in the artist’s works.
Experienced appraisers know what to look for that may not be apparent to others. While paintings can often look as if they are in good condition, an appraiser will be able to review the painting physically for signs of provenance and age to help date a painting. Additionally a qualified appraiser will generally have a lot of experience in examining the condition of a painting including signs of restoration under a ultra-violet lamp. While appraisers are not conservators they will often be able to determine what, if any past restoration was performed.
A physical inspection of condition is often essential to verify the important criterion that goes into writing an appraisal report:
Sometimes condition is not what you can see, but what you can’t see with the naked eye. A visual inspection under a ultra-violet light by an appraiser who understands and has experience evaluating condition can reveal many hidden issues regarding the artwork. This first hand information is essential to an appraiser when researching comparable works of art.
To properly ascertain the value in the current market requires several hours of research and report writing are required for any work of art. Many on-line appraisal services offer “appraisals” by email for a small fee. However, this is not the standard for professional appraisals and in general may not be accepted by some insurance companies and will not be accepted by the I.R.S. A quickly rendered opinion is not a full and complete appraisal.
What on-line appraisal services really offer is a Professional Opinion of Value (POV). However, you should understand that a POV is not an appraisal, but something distinct and less than a formal appraisal due to the extraordinary limiting conditions under which such professional services are offered so that you may determine whether or not the cost of a full written appraisal would be warranted and worth the cost to you. A POV is a work product that is not based on first-hand inspection, that it is not fully researched, that it is not an authentication, that it is not intended for anything other than information use and specifically is not intended for insurance evaluation, loss claim, resale, auction, fair market value, or any type of tax or financial purposes. It does not take into account specific market issues or trends, or any other important criteria that can affect value. It is only an opinion, professionally rendered, but not duly and/or fully researched which should not be used for any purpose other than your own information.
Fees:
The fee for a written art appraisal should never be based upon the value of your art. It is unethical for a member of any of the established and recognized appraisal associations (Appraisers Association of America, Inc.; American Society of Appraisers, etc 
to base their fees upon the value. It is set strictly upon an hourly, daily or flat fee required for research and report writing in addition to any travel expenses incurred which is always agreed upon by signed contract prior to the undertaking of any appraisal. A formal written appraisal may require or warrant a personal visit to inspect the artwork.
Two (2) original signed copies of the appraisal with digital images should be furnished upon completion of the report to you and to you only. A read-only copy can usually be furnished on CD upon request as well.
No guarantee of authenticity, attribution or authorship is made:
Appraisers are not authentication services. Though appraisers who are experts in their specialized field will attempt to the best of the appraiser’s ability to accurately assess authorship, the appraisal is based only upon the readily apparent identity of the item as described herein and no guarantee of authenticity, attribution or authorship is ever made.
No investigations are made into the legal and equitable title to the property appraised. The stated value presumes that a sale would not be encumbered by liens or fractional interest.
An appraisal is not a representation or warranty that the painting will realize the value if actually sold.
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It is important for bankruptcy appraisals to be done properly. For many people this process represents one of the important steps they take in the road to starting over and redeem themselves financially. That is why finding the right appraiser is important. But this is not an easy process and could be very frustrating because you have to make absolutely sure that your choice is a good one. The report must be of a standard which will make it good enough for the court to accept it. Hence a great deal depends on the choice of an appraiser you make.
Checking whether an appraiser is qualified and genuine is important, so there is need to do a background check where you can verify their certification number for example before you can engage them. If you have a personal attorney then it is an added advantage as they can work together on the matter, thus there is need to have a good relationship between them. If you are filing for bankruptcy an appraisal will be done on your property. It is therefore crucial to give as much accurate and up to date information as possible so that whatever value that they are going to come up with, it is a true reflection of what is on the ground. Usually the value of the property is expressed as a market value and in some cases they also refer to latest sales figures that have been done in your local area.
One could choose from a variety of styles of reports which differ in terms of application and coverage. An internet based one is probably the cheapest. But you would have to be prepared to pay more for a complete and comprehensive type. It is recommended that that you use the one that is more comprehensive and up to standard as the cheaper ones are likely to be rejected by the courts. You also want to save on costs by not using a cheaper option first and then having to pay for another one after the rejection.
Appraisals could take several weeks or several months to finish based on the size of your estate, which will also mean that you will have to pay more. This means you must be prepared to pay more for the larger properties because the work involved is complicated. The opposite is true for the smaller properties. Appraisers are used by banks as well. If the borrower fails to pay back the mortgage they also rely on bankruptcy appraisers to do the appraisals for them. They then use these reports to help them decide on how much they need to sell the properties for in order to recoup their money.
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To start with, the process, property needs to be appraised by a professional. When that property is appraised for a divorce settlement, the appraisal is known as divorce appraisal. Now, even though this might sound pretty simple, it is not so, since accurate appraisals are crucial so that both the parties involved get a fair deal. There are professionals who expertise in divorce appraisals and, ideally, their services must be sought to get an accurate evaluation of the property.
There are certain things that need to be kept in mind before hiring a divorce-appraisal expert. First on the list is ensuring that the appraiser is certified and licensed and has enough experience in divorce appraisals. To ensure that the appraiser who you are hiring is licensed, you should ask him or her for a copy of his or her license and check its authenticity with the authorities. It is also important that you either hire a local appraiser or somebody who has experience in appraisals in your neighborhood. Local amenities and infrastructure can influence the real value of the property and only those appraisers who have some past experience in divorce appraisals in your neighborhood will be able to give you a nearly exact value of the property to be split.
Other thing that really matters in divorce appraisals is the time of the evaluation. This is a factor in which the state laws come into play. While some states require appraisals for the date of the finalization of the divorce, others might require divorce-appraisals done at the time of filing for the divorce. It is also advisable to get multiple divorce appraisals in case of real estate properties. While, generally, with residential properties, one or two appraisals would suffice, real estate properties should be appraised at least more than two times.
As is evident, divorce-appraisals are not as simple as they sound. While the above paragraphs would have given you a basic idea about divorce appraisals, to either get more expert information on the topic or to get your property appraised by professional divorce appraisers, visit http://www.suburbanappraisals.com.
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Two parties in a divorce go before a judge to settle a valuation dispute. One party brings a written and detailed USPAP-compliant Appraisal, prepared by a professional and impartial Personal Property Appraiser, which reports that value is “$ xxxxxx”. This Appraisal report includes both photographs and details of what comparable items have sold for recently.
The second party brings nothing but their personal verbal opinion that the personal property is worth “$ yyyyyy”.
Guess who the judge is going to rule for.
Do you need help with a Divorce Appraisal? A professional Divorce Appraisal can be worth its weight in gold in a Divorce situation and you should never go into court without one.
A Divorce Appraisal is an Opinion of Value, set forth by a qualified and experienced Appraiser, based upon thorough research into what comparable items have recently sold for, in current and comparable markets. Whether dealing with fine art, antiques, collectibles, & decorative accessories, any type of collection, or just standard household items, used furniture, china & glass, tools, firearms, vehicles, etc., you should always protect yourself in a Divorce situation with a qualified written Appraisal.
Once you select your Appraiser, a Divorce Appraisal is relatively easy to complete and can generally be done in 4 simple steps. A professional appraiser will simply: • Make an itemized and detailed listing of any personal property in question. • Photograph it. • Place a fair, balanced and impartial current market value on the items, after researching what comparable items have recently sold for. • And then bring it all together in a clear, concise, and professionally-prepared Appraisal Report…which can then be presented to the judge.
A good Divorce Appraisal can offer you many benefits, including: • Protecting Your Interests In Court: If you go to court and are not properly prepared, you are asking for trouble. Judges don’t like to waste the court’s time, and a well prepared Divorce Appraisal will enable the judge to offer a faster ruling…if the facts are clearly laid out before them in a fair, factual, and unbiased fashion. • Faster Negotiations: The ideal situation occurs when both parties agree to accept the findings of a single impartial Appraiser. But even if each side insists on retaining their own appraiser, then at least you have a starting point and both sides can usually meet somewhere in the middle. The worst situation is when neither side brings a professional appraisal to the table, but rather relies upon never-ending bickering about value. The faster agreement on value is reached, the faster negotiations can be completed. • Reduced Attorney Fees and Litigation Time: The faster you wrap up negotiations, the lower your legal and other divorce-related bills will be. A good appraisal that is accepted by both sides can result in a much faster resolution to the divorce process. • Irrefutable Evidence of Authenticity and Value: A good appraisal is based upon fact. Expert appraisers can authenticate whether something is original or fake, they can evaluate “condition” which is so important when determining value, and they can provide an estimated opinion of value. But an appraiser just doesn’t pull numbers out of the air. A good appraiser will seek out what comparable items have recently sold for, and make value adjustments based upon all differences that affect value, in order to arrive at a current market value. • Expert Witness Testimony: If there is even a remote possibility that your case will go before a judge, you will want an accredited appraiser who can not only certify the results of their appraisal, but who can also present themselves well in court, and who has the credentials to testify as an expert witness, if necessary.
What should you look for when seeking a good Divorce Appraiser? • Experience: Would you prefer the services of an Appraiser who is just starting out in the profession, or someone with considerable Divorce Appraisal experience? Ask specific questions to insure that you are hiring the right person to represent you. • Expertise: If you are seeking values on your jewelry, don’t hire a tool appraiser. And vice versa. You need a professional Appraiser who understands the intricacies of what is being appraised, their current market value, and the terminology needed to bring everything together in a winning Appraisal. • Advanced Certifications: There are numerous professional appraisers associations such as the National Auctioneer’s Association, American Society of Appraisers, International Society of Appraisers, etc. And each has their own series of advanced designations that can be earned based upon study, research, experience, and testing. You should seek out an Appraiser who has taken the time, and shown the initiative, to earn their individual advanced designations. • Market Knowledge: How well does the appraiser understand the local, regional, and national marketplaces that relate to the items being appraised? For example, if you have a high-end piece of art, how experienced is the appraiser in that specific marketplace? Selecting the wrong Appraiser could potentially cost you big money. • Accomplishments: What else is the Appraiser noted for? Author? Columnist? Speaking Engagements? Professional Instructor? Famous Clients?. You should always try to seek our an Appraiser that stands out above their peers. • Areas Served: A great Divorce Appraiser in Los Angeles will do you little good if you live in New York, unless you are willing to pay their travel and related expenses. • USPAP Certification: The Uniform Standards, Professional Appraisal Practice (USPAP) provides a minimum set of quality control standards for the conduct of Appraisals as promulgated by the Appraisal Foundation. It requires no bias, confidentiality, a professional code of conduct and ethics, and other such factors. USPAP is the standard of Appraisal practice in the United States and you should always seek to select an appraiser that is USPSP-certified and compliant.
If you, or someone you care about, is going through a potentially messy divorce, one of the most important things you can do is protect yourself with professionally-prepared Personal Property Appraisal, that has been prepared by a highly qualified Appraiser, that is defensible in court.
In summary…Don’t Go Into Court Without One.
Michael Ivankovich is a Bucks County PA Personal Property Appraiser based in Doylestown PA. He is a licensed and bonded Pennsylvania Auctioneer and has been named Pennsylvania’s Auctioneer of the Year by the Pennsylvania Auctioneers Association. One of his specialty areas is Divorce Appraisals and you are invited to visit his web site at http://www.michaelivankovichappraisals.com
You can reach Mr. Ivankovich at (215)-345-6094 or by email: info@michaelivankovich.com
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