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What is an appraisal?
An appraisal is an unbiased, supportable estimate of a defined value by a person who is trained in research and analysis, knowledgeable of the property being appraised, and who acts in accordance with accepted and professed standards of practice. An appraisal is contained in an appraisal report, which is a legal document that describes and values property in a manner that will stand up in court, if necessary.
What is a personal property appraisal?
A personal property appraisal refers to the appraisal of identifiable portable and tangible objects considered by the general public as being “personal,” for example, artwork, furnishings, antiques, collectibles, and residential contents. In other words, personal property is all tangible property that is not classified as real estate.
There are a variety of reasons. For example, for insurance coverage, insurance damage claims, when claiming a deduction for charitable donations, when calculating estate taxes, for estate distribution, divorce litigation, divorce settlement, and bankruptcy.
When is it necessary to have personal property appraised?
How does one go about finding a Florida personal property appraiser?
Through referrals and, if you have access to a computer and the Internet, this is one of the best options. The Internet allows you to search for appraisal services tailored to your specific needs.
The dealer you purchase an item from has an interest in that item, and that opens a window for conflict of interest in valuing that item. An independent appraiser has no interest in that item, and therefore can provide an unbiased opinion of value. Additionally, the dealer may not know how to evaluate the item for its appropriate worth. Without appraisal training on appraisal principles and procedures, he/she may not understand the complicated variety of marketplace definitions that are used to determine appropriate values for appropriate uses.
I just purchased a painting and the dealer offered to appraise it. Why then would I need an independent appraiser?
Can more than one value apply to the same item?
Yes, the same item may have different appraised values depending on the intended use of the appraisal. To illustrate, the value for insurance coverage may be different than the value for estate tax, charitable donation or consumer resale. Qualified educated appraisers understand the many different types of values, assigned uses, and market levels. The professionals at MGF Appraisals will work with you to choose the proper type of value so that you can use the appraisal correctly and effectively.
Are there different types of Miami, Florida appraisers or are they all the same?
While many appraisers adhere to professional appraisal guidelines, others do not. For the most accurate, professional, and credible appraisal, the wisest choice is to hire an appraiser who has formal education in appraisal theory, principles, procedures, ethics, and law, who conforms to the Uniform Standards of Professional Appraisal Practice (USPAP), has ample experience, and is an accredited member of a professional appraisal association, as is the International Society of Appraisers – an organization dedicated to upholding the highest standards of accuracy, competency, and integrity in the appraisal profession.
What does an MGF Appraisals appraisal report consist of?
(a) A cover letter, (b) a title page, (c) a table of contents, (d) main body of the report, which explains what type of value is being sought (“purpose”), how the appraisal is to be used (“intended use”), the scope of work, methodology and resources relied upon, market analysis and markets selected, a complete and accurate description of the property along with color images and values assigned, limiting conditions, and the appraiser’s certification; (e) glossary; (f) bibliography; (g) appraiser’s qualifications; and (h) annex of selected research. The client receives two color originals.
How are appraisal fees established?
What other services does MGF Appraisals provide?
Appraisals are charged on an hourly basis. We recommend you do not hire an appraiser who charges a percentage of the appraised value because that creates a conflict of interest and may result in biased values.
Sometimes clients may not need a formal appraisal but would like to have an idea of how much they items are worth. In these cases, we produce for our clients a letter containing an opinion of value upon which they can base their financial decisions. Another situation is when clients request an organized descriptive and pictorial inventory of their possessions for their organization needs or to have ready in case of possible future damage. MGF Appraisals provides such an inventory tailored to the client’s needs.
MGF Appraisals LLC. is not affiliated with any gallery, auction house or private dealer.