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What You Need to Know About Appraisal Services

Inheriting an estate has left you a treasure trove of antiques and collectibles. You’re a busy-body and don’t have time to price each item. This is a job for professional appraisal services.

The problem? Knowing they have your best interest in mind.

Here is what you should know about appraisers, if you decide to keep the items, or if you’re ready to let go.

What to Know about Appraisal Services

Two problems arise while attempting to appraise items:

  1. Clients use local and online listings to get a price
  2. Anyone can claim they’re an expert appraiser

Unless you trust these listings – and verify that they follow the USPAP standards — then consider appraisal services. Unverified appraisers may have ulterior motives. They may attempt to buy items, far below their true value, after their appraisal.

The Services You’ll Receive

You may have glimpsed the process on popular shows like Pawn Stars or Antiques Roadshow. Here’s what actually happens:

  1. An appraiser arrives at location or receives detailed photo/video
  2. An examination is done for authenticity and compared to their research
  3. They may compare notes to online portals and peer recommendations
  4. An appraisal is set and written statement delivered

Professional services take an objective look at your items. Refuse and send them along if, at any point, they make an offer since this is a breach of ethics.

You may verify the appraisal by doing DIY, online research using appraisal websites. These sites make their judgment after you’ve uploaded photos and described the item. Take the pricing with a grain of salt but do use it for research and verification purposes.

The Costs You’ll Pay

Average appraisal services range from $200 to $400 an hour. Though, it’s not uncommon for appraisers to charge per item.

A written appraisal statement, included with the item, is important for the sale. This statement costs marginally extra but gives all parties peace-of-mind.

An appraiser will save you from hassle and costs by explaining if an item is worth sending to auction. Or, if it’s best to leave for general inventory.

How to Protect Your Heirloom Items

The best action is to insure these items if you chose to hold versus including them in a sale. The retail value will determine the insurance price.

Collectibles insurance is $40 to $1000s a year with an appraisal done prior. Homeowners insurance protects most homes (and its valuables) for an average $100,000. This would include the heirloom items but varies by state and policy.

It’s also important to consider storing these items in safe spaces. A fireproof safe or lock box is a typical avenue to ensure these items remain unscathed.

Decided to Sell? Talk with Us

Our estate services are all-encompassing.

Our team of experts provides appraisal, inventory, and consignment services to make the most of those heirloom items. Else, we can discuss home buyout options if you simply want it gone.

Give us a call and schedule a walk through, or submit your pictures, to find the true value of your items.

Prestige Estate Services Sarasota/Tampa
941-893-3431 or 1-844-EST-SALE