It behooves the client to know about the Appraisal Process before scheduling an appointment. Appraisers charge for their time, beginning from when they leave their office. As the property owner you can take steps to minimize the appraiser’s time on-site in order to minimize your cost. Here are some simple tips:
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- Read all about the Appraisal Process beforehand.
- Be available on time at the time of appointment.
- Provide a safe, distraction-free, well lighted space for the appraiser to perform examinations.
- Remove hanging objects from the wall.
- Remove prints from their frames.
- Remove anything that is inside a piece of furniture and around it.
- Arrange like objects together and by category.
- Clean and make ready all objects.
- Have ready copies of all documentation on an object like invoices, prior appraisal reports, insurance scheduling, any family history on an object written down, etc.
- If litigation is involved, have your attorney call the appraiser because your attorney will be the client, not you.
- Clients can expect to pay a retainer before the appraisal begins if it is a significant property assignment. Payment in full will be made before the final report is released to the client. For limited appraisal reports of lesser properties full payment is expected at the time of examination.
- If your appraisal report is intended for estate planning, charitable donations, settlements, or insurance scheduling, you must engage an appraiser certified in the Uniform Standards of Professional Appraisal Practice (USPAP). Only a certified USPAP appraiser can satisfy the requirements of Trust Officers, the IRS, the Courts, and Insurance Underwriters.
- If you have specific questions that were not covered above, do not hesitate to ask. Mr. Grove can answer most questions about the Appraisal Process immediately. Email him at mark@mgrove.com or call (540) 435-7357 mobile.