How is an appraisal performed?
An appraisal is a FOUR step process:
1. THE EXAMINATION:
A Peele appraiser will examine all the property to be included in the final report while noting and evaluating characteristics, condition, and measurements of most items.
2. THE PHOTOGRAPHS:
Digital images are taken to document the item's existence and aid in research. Photographs are included in the final report.
3. THE RESEARCH:
Values are based upon comparable sales and history for each item. Research time is the time taken to identify marks, labels, dates, locating and analyzing comparable items, investigating necessary markets and if necessary, consulting experts.
4. THE REPORT:
A Peele Appraisal's final report consists of a bound copy of the completed appraisal along with the appraiser\s qualifications, purpose, and basis of appraisal. Also included in the document is the inventory, market research, valuation, and necessary comments pertinent to the property. Each item or group of items will have a description, age if appropriate, measurements, condition, value and digital photograph. The report is compliant with the Uniform Standards of Professional Appraisal Practice
How do appraisers charge for their work?
Peele Appraisal fees are competitive with today's market. They are based on the time necessary to complete the appraisal and to our prevailing hourly rate of $150.00 an hour for each appraiser assigned to the project. There is a one time charge of $285.00 for the report which includes two copies. There is a $325.00 minimum fee for a one hour appraisal and report depending on distance and complexity of the item(s). We have no "hidden fees" nor do we charge a commission on our other services We also do estate evaluation documentation analysis reports for smaller estates that is less and might fit in with your needs and budget. We will be happy to discuss our fee structure with you.
We work in pairs; for example if a large estate requires more appraisers on site, it will take a quarter of time that a single appraiser would take, but the bill/time is still the same.
Any additional consulting, deposition or testimony work is charged above and beyond the initial appraisal fee. Expenses for travel and out of pocket items are billed in addition to the appraisal fee.
What can be done to help facilitate the appraiser and the costs?
It is always best to share the following information to help facilitate expenses and time:
- What is the purpose of the report?
- What is the intended use of the appraisal?
- What is the location and items involved?
- What is the level of documentation require?
- Gather documentation, sales receipts, certificates, past appraisals, letters, and any other information you might have.
- Prepare for the appraisal: have items ready, unlocked and available especially jewelry, separate silver, stems and china; and if possible, pull furniture away from the wall.
- An appraisal that is done thoroughly and without interruption helps both the client and appraiser to perform successfully in their duties.
