Appraisal Witness: Qualified Expert

Appraisal Witness: Qualified Expert

Archive for February, 2008

Appraisal Witness

Saturday, February 02nd, 2008

What to expect of Durkin Valuation Appraisers:

A detailed inventory by a professional, expert appraisal witness, presented in compliance with the Uniform Standards of Professional Appraisal Practice.

Where necessary, an expert appraisal witness will conduct a physical inspection of the property.

Professional and expert appraisal witnesses with current knowledge of the fluctuating market, through use of on-line services, auction prices and an extensive library of reference materials.

CONSULTING SERVICES

Our expert appraisal witnesses are highly experienced in assisting prospective clients in formulating management and exit strategies for their assets. While client’s can benefit from accelerated marketing, there are times when an alternative marketing approach will yield more wealth. Our expert appraisal witnesses have the knowledge and expertise to help with developing these plans.

Our expert appraisal witnesses have years of training and field experience, which allow them to analyze and create working strategies.

EXPERIENCE

Our expert appraisal witnesses have experience in the following asset valuation areas:

Business Valuations
Machinery and Equipment Appraisal
Decedent Estate Appraisal
Dissolution Estate Appraisal (Divorce)
Computer equipment
Divorce
Farm and agricultural equipment
Furniture and fixtures
Heavy and light construction equipment
Manufacturing plant
Medical, dental and veterinary equipment
Mergers, acquisitions
Partnership buyouts
Business dissolutions
Insurance
Charitable donations
Settlement of insurance claims
Damage or total loss due to natural disasters, flood, hurricane, tornado, wind
Estate settlement
Auctions
Sales of surplus capacity
Inventory liquidation
Litigation
Establish asset-based lines of credit
Networking equipment
Printing equipment
Restaurant/food handling/grocery equipment
Textile
Chemical and plastics equipment
Transportation or trucking equipment
Vehicles
Wood and metal working equipment
Oil and Gas, drilling equipment
Antiques.

Our expert appraisal witnesses are members of the National Associations of Professional Appraisers, American Society of Appraisers and the National Auctioneers Association, which use the Uniform Standards of Professional Appraisal Practice (USPAP) that is governed by the Appraisal Foundation, authorized by Congress as the Source of Appraisal Standards and Appraisal Qualifications.

TRAINING AND EDUCATION

To ensure that you are provided with the highest possible service, our expert appraisal witnesses have field experience, combined with the following appraisal courses and accreditations:

Senior Professional Appraiser (SPA), NAPA
Graduate Personal Property Appraiser (GPPA), NAA
Accredited Senior Appraiser, ASA
Uniform Standards of Professional Appraisal Practice (USPAP 2012)

This training means that you are guaranteed quality when using one of our expert appraisal witnesses, as they have both the knowledge and skills required to assist you in all your valuations needs.

Durkin Valuation Associates have numerous appraisers from 30 years experience appraising and we are willing to testify as expert witnesses anywhere in the world. Telephone: (617) 720-0332

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A Personal Property Appraisal

Tuesday, February 12th, 2008

Personal property appraisal covers all property that is not real estate even if the property belongs to a corporation, business, trust or organization. The first thing an appraiser must do is identify the purpose (business valuation, merger, acquisition, loan, insurance, decedent estate, divorce or many other reasons) for the appraisal, determine the scope of work required to meet the purpose, then research and analyze the purpose in order to develop an appropriate appraisal. SINCE Congress has required the USPAP (The Uniform Standards of Professional Appraisal Practice) to be applied when appraising personal property, few appraisers have studied USPAP or passed the government test that qualifies them to continue in the appraisal business. Durkin Valuation Associates have numerous appraisers from 30 years experience appraising and we are willing to testify as expert witnesses anywhere in the world. Telephone: (617) 720-0332

In developing a personal property appraisal, the appraiser MUST NOT:

  • Deliver appraisal services in a careless or negligent manner, such as making a series of errors that alone would not be significant, but together adversely affect the appraisal;
  • Commit a substantial error of omission or commission that notably affects the appraisal,
  • Be bias in any manner,
  • Agree to take a percentage fee depending on the outcome of the appraisal use.
  • In developing a personal property appraisal, the appraiser MUST:

  • Determine the scope of work according to the Scope of Work Rule;
  • Be informed of, understand and employ the accepted methods and techniques for producing a credible appraisal;
  • Identify what the appraiser’s opinions and conclusions will be used for;
  • Identify the type and definition of value;

    If market value is to be used, determine whether the value is to be the most probable price.
    If the value is to be based upon non-market financing or financing with unusual conditions or incentives, the financing terms must be clearly stated, along with the appraisers opinion regarding the contribution or negative influence the financing conditions place upon the value, determined by an analysis of the relevant market data including identification of the client and other intended users;

  • Identify the characteristics of the property that are relevant to the type and definition of value and the intended use of the appraisal, including:
  • The ownership interest to be valued;
  • The characteristics used to establish the value and identity of the item and the methods of identification;
  • The characteristics used to establish the quality of the item (including separate component parts where applicable); and
  • Any other physical and economic features that have a material effect on the value;
  • Identify any extraordinary assumptions necessary in the assignment if the following conditions or circumstances warrant an extraordinary assumption:
  • It is required to properly develop credible opinions and conclusions;
  • The appraiser has a reasonable basis for the extraordinary assumption;
  • The use of the extraordinary assumption results in a credible analysis; and
  • The disclosure requirements set forth in USPAP for extraordinary assumptions are followed by the appraiser.

  • Identify any hypothetical conditions required to adequately complete the assignment if the following conditions or circumstances warrant a hypothetical condition:
  • Use of the hypothetical condition is obviously needed for legal purposes in order to perform a reasonable analysis or comparison,
  • Use of the hypothetical condition results in a credible analysis; and
  • The disclosure requirements of the USPAP for hypothetical conditions are followed by the appraiser.
  • Durkin Valuations (617) 720-0332

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    Appraisal Methodology

    Sunday, February 03rd, 2008

    An appraisal witness will provide appraisal methology, documentation, and conform to USPAP guidelines. Photographs and evaluation of condition of the personal property, equipment, machinery or vehicles should accompany all appraisals.

    Below are the three types of appraisals that can be carried out by the expert appraisal witnesses at Durkin Valuations. Durkin Valuation Associates have numerous appraisers from 30 years experience appraising and we are willing to testify as expert witnesses anywhere in the world. Telephone (617) 720-0332

    FAIR MARKET VALUE:
    A price agreed on by both a Buyer and Seller, neither being under any obligation, to complete a sale.

    Fair Market Value is used for Inheritance Tax, Estate Planning, Marital and Business Division, and Charitable Contributions.

    REPLACEMENT VALUE:
    The cost to replace property with something of similar origin, condition, provenance, quality and age.

    Replacement value is used for Insurance purposes, and is attached to your policy, as a Fine Arts Rider.

    LIQUIDATION VALUE:
    A monetary value given to property that is sold or exchanges hands under a forced or limiting conditions, such as bankruptcy.

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