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Written reports are required for many purposes:

  • Insurance & Asset Protection: an appraisal will provide proof of ownership, identification, and valuation in the event of a loss
  • Divorce & Equitable Distribution: in matters when property must be divided or distributed, a credible and impartial appraisal will benefit concerned parties
  • Estate Evaluation: both federal and state tax regulations require that property be valued to establish the basis of determining taxes
  • Charitable Donations: the IRS requires the donor obtain a qualified appraisal for any donation valued in excess of $5,000
  • Consultations: when contemplating either purchase or sales, an informed and objective value opinion may be important advisory


A verbal value opinion is a verbal appraisal report

When a written report is not required for legal purposes, a verbal value opinion may be appropriate.  You inherit a truckload of "things" and you do not care to keep them.  At a yard sale you sell a Lalique bowl for $5 and an Icart etching for $3.  These items should generate $700 each.  If you had only known!

An experienced appraiser can assist you in sorting the "diamonds from the coal" and can guide you to more appropriate markets for selling antiques and certain collectibles.

The verbal opinion of value is for clients who are willing to accept some risk of error in order to obtain a verbal report that is informed, unbiased and objective.  A signed disclosure agreement is required.  Without research, such opinions are subject to error and rely on the knowledge, experience, and expertise of the appraiser.  The appraiser will inform the client when research is needed.

 

Copyright Terry D. Sonntag