Brigitte Kruse is a graduate personal property appraiser and is compliant with USPAP. This stands for the Uniform Standards of Professional Appraisal Practice. Brigitte specializes in personal property, antiques (particularly Asian, Russian & French), Faberge, enamels, jewelry, coins, art, furniture, designer clothing and shoes, abandoned property appraisals and eviction valuations as well as commercial and heavy equipment. Brigitte Kruse is also known for her “What’s It Worth” events where she offers on-site valuations of collectibles, antiques and other items in an exciting party atmosphere. So what better person to ask some frequently asked appraisal questions?!
What is an Appraiser?
An appraiser identifies and allocates a value for various types of property and then supplies a written report on opinion of this value. Appraisers can choose to specialize in various disciplines such as personal property and real estate appraisals.
Why Get a Personal Property Appraisal Done?
Appraisals are done for several reasons ranging from estate planning to determining value for insurance or tax purposes. Some people are also just curious as to what an item may be worth.
What is a Personal Property Appraisal Report?
An appraisal report documents several factors including:
– The kind of value being determined. This values include replacement value (used for insurance coverage), fair market value (used for taxes) and liquidation value (used for bankruptcy or business dissolution).
– Describes the personal property being valued.
– Explains the procedures used to estimate the value of the item. This include analysis of comparable sales.
– Includes the signature and qualifications of the appraiser.
How Long is My Appraisal Good For?
It depends on the nature of the property and current market conditions. Brigitte Kruse generally suggests an update every two to three years but she will offer a custom recommendation during her initial appraisal. The most important appraisal is the first one. If property is lost, destroyed or stolen, it is much more difficult to determine the value. Understandably, insurance companies demand professional, credible appraisals before they will approve reimbursement. Unfortunately memory and photos are not enough. Generally speaking, an “appraisal update” only requires a change in the value conclusion of the report. As mentioned above, a professional appraiser like Brigitte Kruse can provide a helpful and informed recommendation as to the necessity and frequency of appraisal updates.