How is an appraisal completed?
Step 1 - Examination
All of the property to be included in the Appraisal Report is carefully examined by the appraiser. The appraiser notes the characteristics of each item, including its condition, obtains measurements and takes photographs. The information is recorded by hand. The time spent in this phase is “On-Site” time.
Step 2 - Documentation
Photographs are taken to document the item's existence and aid in the research.
Step 3 - Research
Value conclusions for appraisals are based upon comparative sales analysis for each item. Research time is the time taken to identify marks and labels, verify dates, locate comparable items, investigate retail markets, and consult experts, if necessary. This approach produces an accurate report that fully protects you and your property.
Step 4 - Appraisal Report
All appraisal reports consist of two bound copies of the completed appraisal. Included in the report is a cover letter detailing the process taken and definition of values used; the total value of the property; an itemized list of the property appraised; one set of photographs of the items, and the appraiser’s qualifications.
|