Lynn Roberts Appraisals

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07/24/2016

What’s It Worth?

It depends. Don’t you hate that answer? Me too! However confusing it sounds, that is the correct answer your appraiser should give you. Value depends on the purpose of the appraisal. If the purpose of the appraisal is estate planning, estate settlement, donation, estate division or liquidation, the value to be determined is fair market value. On the other hand, if the purpose of the appraisal is insurance coverage or claim, the value needed is replacement cost. It sounds confusing but makes sense in the context of the intended outcome of the appraisal.

Fair Market Value

Consider a situation in which you are dividing an estate which includes a circa 1910 family heirloom oak chest of drawers. What’s it worth? Well, the purpose is an estate division, so the appraiser needs to determine the fair market price. The process for determining it’s fair market value is to review completed sales of comparable chests to determine the most common price in the most common market for the sale of such a chest of drawers. So, if similar chests of drawers sell most commonly at auctions, your appraiser will review auction records for completed sales and determine the most common price.

Replacement Cost

Consider a situation in which you arrive home to find your home is flooded with water from a burst pipe. In addition to the damage to your home, you have the same circa 1910 family heirloom oak chest of drawers, which is water damaged. What is the value of this piece of furniture? For the purposes of your insurance claim, you need a replacement cost for the item, whether it is going to be restored by a professional or is beyond restoration and needs to be replaced with a chest of drawers with similar characteristics.

What’s it worth? Your qualified personal property appraiser will ask you questions about the purpose of your appraisal in order to best determine the value of your property. The next time you watch Antiques Roadshow on PBS, listen for the appraisers full valuation. Did they say “you should insure this for $1,000,000” or did they say, “in a recent auction one similar sold for $1,000,000”? They are addressing the purpose of the appraisal in their response.

04/05/2016

Are Your Appraiser's Credentials Real?

Recently, appraisers and collectors have noticed numerous advertisements and promotional material from other personal property appraisers who may have completed a Uniform Standards of Professional Appraisal Practice (USPAP) course and describe themselves as a “USPAP Certified Appraiser.” Others may deem their appraisal reports “USPAP Certified Appraisals.” Both of these terms are incorrect and are not approved by the three major personal property appraisal organizations: the International Society of Appraisers, the Appraisers Association of American and the American Society of Appraisers.

“USPAP Certified Appraiser” and “USPAP Certified Appraisal” statements are not designated as a credential and should not be used as one. Users of appraisers, such as collectors, accountants, attorneys, insurance firms etc. should certainly proceed with caution if they see an appraiser stating they are “USPAP Certified” as it may be an indication the personal property appraiser is either not properly trained or is being misleading by relying on a false credential.

The use of these false designations and credentials by personal property appraisers has come to the attention of the Appraisal Foundation, which has recently released guidance on the topic. According to the Appraisal Foundation and the Appraisal Qualifications Board, “there is no such credential. The use of the expression ‘USPAP Certified Appraiser’ is misleading. Completing a USPAP course does not entitle one to call oneself a ‘USPAP Certified Appraiser’.”

In fact, false and misleading credentialing may go even further with unscrupulous appraisers. The use of the title "Certified Appraiser" when the appraiser is not a member in good standing with at least one of the three major personal property appraisal organizations should cause users to inquire further about the credentials of the appraiser.

The Appraisal Foundation continues:

“One requirement for an appraisal or appraisal review is that the report include the appraiser’s certification that, to the best of his or her knowledge and belief, the work was performed ‘in conformity with the Uniform Standards of Professional Appraisal Practice.’ The use of language such as ‘USPAP Certified Appraisal’ could be taken by intended users to mean that there was some independent certification of compliance. If that could be inferred from the language used, this would also be misleading.”

The fine and decorative art collector who is looking to have his collection appraised should consider how the appraiser represents their credentials. With this guidance, appraisers who have taken the 15 Hour USPAP class and passed the exam, and who have taken the required updated classes, should note their appraisal reports are written in compliance with the current version of USPAP and the ISA Report Writing Standard. If the appraiser is stating they are “USPAP Certified,” users of appraisers should proceed with caution. As the Appraisal Foundation notes, it is misleading and misrepresents the qualification.

If you have a question about the credentials of your appraiser, contact the appraiser’s organization for clarification. If you have a USPAP question on qualifications, contact the Appraisal Foundation through the Appraisal Qualifications Board.

02/17/2016

Hi Everyone, we have one fabulous sale planned for this Saturday!

01/27/2016

What Is A Personal Property Appraisal and Why Do I Need One?

Most of us think of real estate – the house and land, when we hear estate appraisal. However the contents of a home, office, vacation property and vehicles are what are known as personal property. A qualified personal property appraiser helps us understand what they are worth.

According to the Appraisal Foundation:
“Fine art, jewelry, antiques, general household contents and machinery and equipment all require a personal property appraisal to determine their value for sale, acquisitions, taxes, estate planning, insurance purposes, and more. Personal property appraisers are trained to assess the quality, rarity, authenticity, provenance, and desirability of items.”
An appraisal is the act or process of developing an opinion of value, estimating cost or calculating the present worth of future earnings of property. The appraisal may be a written or oral report.

Federal Estate Tax Law dictates that the value of a decedent’s estate is reported on Form 706. This provides a snapshot of the net financial affairs of the decedent. Currently a personal property appraisal is required with the IRS filing when the estate is valued at $5 million dollars or more.

Most of us do not have to worry about the federal estate tax as our estates are less than $5 million dollars in total value. However, estate settlement in the state of Arizona requires a probate filing including an inventory of assets and valuation of these assets. A personal property appraisal is beneficial and addresses both the requirements of probate as well as providing the necessary valuation to guide division among beneficiaries and liquidation.

Why Should You Use a Professional Appraiser?

The role of any appraiser is to produce a credible opinion of value based on thorough, unbiased research and analysis. A qualified appraiser has gone through extensive education and testing and has significant experience in the field. Appraisers in good standing with the International Society of Appraisers must also comply with appraisal standards, known as the Uniform Standards of Professional Appraisal Practices (USPAP), set by The Appraisal Foundation. They also complete continuing education courses to ensure awareness of changes in valuation methods and techniques, technology, and the marketplace.

11/25/2015

Hi Everyone, see you Saturday at our sale!

02/04/2015

Hello Everyone! Another fabulous sale lined up for you this weekend. We look forward to seeing you!

02/04/2015

We have another great sale coming up! Join us this Saturday

01/21/2015

Hi Everyone! We look forward to seeing you at our sale this Saturday - many beautiful items!

12/03/2014

Hi Everyone!

This wonderful sale has many unique items which would make great gifts for the holidays! Please come join us for the sale!

09/17/2014

Hi Everyone: To kick off the Fall season, we have a great estate sale planned for you!

06/11/2014

Hello Everyone, we look forward to seeing you at our sale this Saturday, June 14th in the Saddlebrook community.

Address

PO Box 32518
Tucson, AZ
85751

Opening Hours

Monday 9am - 5pm
Tuesday 9am - 5pm
Wednesday 9am - 5pm
Thursday 9am - 5pm
Friday 9am - 5pm

Telephone

5206684254

Website

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