Appraisal FAQ

Appraisal Exclusions

Look Appraisal does not provide appraisal services for any of the following categories of personal property: autographed sports memorabilia, sports and game trading cards, fine jewelry, precious metals, coins and currencies, stamps, livestock, items affixed to and considered as part of a home's structure, firearms, motor vehicles, motorcycles, watercraft, and aircraft. Though we do not appraise items of this nature, we may be able to accommodate your appraisal request through a 3rd party specialist.

The Qualified Appraisal, Explained

• A USPAP compliant appraisal will be admissible in a court of law; meets federal requirements
• Includes a cover document 
• Should have descriptions written in such detail, one can imagine a clear image of the item
• Should contain a current USPAP certification statement

The Qualified Appraiser, Explained

• A qualified appraiser will never associate their fee with the value of the appraised property
• IRS Treasury Regulations require that one must obtain a "qualified appraisal", signed and dated by a "qualified appraiser" when determining the value of donated property above certain thresholds 
• A qualified appraiser will not have a conflict of interest, meaning the appraiser does not have an interest or role in profiting from auction, purchase, or direct resale of the appraised items unless said interest is stated 
• A qualified appraiser follows a set of national standards developed by the Appraisal Standards Board (ASB) of The Appraisal Foundation
• A qualified appraiser adheres to a professional code of ethics developed and maintained by their professional appraiser organization 

Verbal Appraisals | A Better Fit? 

If you simply need general "what's it worth" values for your property, a verbal approximation of value may be best. A verbal appraisal will deliver the information you want to know about your personal property; it is created with the same research process and categories of a written report, delivered in a different format. *Important: Verbal appraisals are not a replacement for the requirements associated with insurance or estate appraisals. Similar to the style of Antiques Roadshow, a verbal approximation of replacement value or an auction estimate is provided

• What is it worth? What do I have? A verbal approximation of value is a sound choice when you are simply curious about the value of an item or collection
• When plans to resell or hand down property are hindered by the value of each item
• A must when downsizing, working with a Senior Move Manager, preparing for a yard or garage sale ... don't be that person...
• A must before an auction or estate sale company arrives to prep the sale; auctioneers profit by selling large quantities, so sometimes items of value are overlooked by staff ...

Food for Thought

* Referring clients to an unqualified appraiser can backfire at tax time or worse

* An appraisal can be as important as a will

* Would you contract with an unlicensed individual to appraise your home? car? or boat? Why would you do so for collectibles, art, or rare books?

* Be wary of appraisals that charge an amount or percentage tied to the appraised item's value

* An ethical appraiser will not have a vested interest in buying or selling the appraised item(s)

* Handwritten appraisals aren't professional and an unsigned appraisal won't get you very far

* Cookie-cutter, one-size-fits-all appraisals lack more than details