What is personal property? Tangible, usually movable property such as furniture, art, appliances and general residential / business contents. Also called chattel. Items that are not part of the real estate / real property.
Are there different values for the same item? Yes, depending on the intended use of the appraisal. Insurance replacement, fair market value and orderly liquidation are some of the most frequently used levels of value. The appraiser should discuss this with the client prior to proceeding with the assignment.
How do appraisers charge? Hourly, per item or flat fees for the entire appraisal. They should never charge a percentage of the value of the items. For more information on our fees, go to the Services and Prices page.
Do appraisers buy the items being appraised? No. It would be a conflict of interest. They can often recommend resources for selling after examining the items.
Are all appraisers the same? No. Choose an appraiser with experience in the items being appraised. They should also have a designation from a major appraisal society.
Are personal property appraisers licensed? Currently, there are no state license requirements for appraising personal property. A full explanation can be found on an earlier blog post “Appraisers and Licensing“.