How We Work
Our first discussion(s) will be a frank discussion about the reasons you need an appraisal which will enable Fred or Maureen to discuss the Scope of the Appraisal. We want you to be comfortable with your choice of appraisers. If we feel that you would be better served by another appraiser, we will let you know and give you a referral.
Scope of Work
The scope of work includes the reasons for the appraisal and how the appraisal is to be used, we will have a clear idea of the type value assignment you need and the resulting Appraisal Report you will require. For example, if the appraisal is to be used for IRS reporting due to a non-cash charitable donation, you may need PWP to provide you with a Fair Market Value appraisal report and a form 8283. We will also discuss specific categories of items to be appraised and whether there are any limiting conditions such as the items are not available for inspection as may occur with an insurance loss claim. For an extensive appraisal, we may need to meet with you to ascertain the extent of the appraisal.
Discussion of Fees
- PWP’s appraisal fees are competitive and are based on an hourly rate per appraiser plus any applicable travel and out-of-pocket expenses. All estimated fees will be provided and agreed upon before commencing any appraisal work. We require a deposit of our on-site inspection fee at the time of the inspection unless other arrangements have been made in advance. The balance of the fee will be invoiced and payable upon delivery of the final appraisal report.
Other Necessary Information Required
- Client(s) name.
- Names of person/organizations that will have access and/or permission to obtain a copy of the report, i.e., probate court, accountant, probate attorney, heirs.
- The location of the items to be inspected.
- The number of original signed copies of the Appraisal Report.
- Whether the client will need a PDF of the appraisal report with an electronic signature.
- Conditions that may exist at the inspection location that the appraiser needs to prepare for, i.e. lack of heat or air conditioning, items located in attic or damp basement.
- Whether the client will provide the appraiser with any supporting documentation, i.e. previous insurance appraisals or schedules, receipts, repair and/or restoration documentations, authentication reports, and provenance of specific items.
Scheduling the Inspection
- We understand that arrangements for the appraisal may require an evening or weekend inspection to accommodate your schedule.
- Prior to the inspection, we may review documents already given to us by the client.
- We will obtain a signed agreement and, in some circumstances, obtain a deposit.
- We ask that the client prepare for our visit and provide us with a table, or work surface for us to use during the inspection.
- Please provide us with adequate lighting and access to electrical outlets.
On-site Inspection – What to expect
- Based on your discussion with us about the types of items to be appraised, we will arrive with the necessary tools to properly inspect the items.
- Prior to starting the inspection, we will ask you to take us through your home to show us where the items to be appraised are located. If more than one appraiser is on-site, we will divide the work and each go our respective ways.
- We may have to move furniture away from a wall, remove a piece of fine art off of the wall for closer inspection, or open drawers in order to ascertain the maker, examine the joinery, and inspect for damage and/or repairs.
- Fine art may be signed under the frame or mat. Unless agreed upon with the client, we will not remove dust covers, frames or glass.
- We will utilize a common sense approach to the assignment. We do not count each fork, knife, and spoon in your kitchen. When appropriate, we will group items.
- If necessary for the Appraisal Report, we will measure some or all of the inspected items. In the case of precious metals and/or gems, we may have to weigh the piece.
- We will take digital photographs of the appraised items.
- The appraisers will prepare the Appraisal Report based on the strict requirements of ISA and USPAP.
- The appraisers will research the items to determine or estimate the value according to the Scope of Work.
- When necessary, we will imbed the photographs or a sampling of photographs into the Body of the Report.
- We will complete the report and/or give you status updates as necessary.
PARTING WITH POSSESSIONS
- Initial Intake.