OUR VALUE IS IN OUR PROCESS
Understanding the Appraisal Development and Deliverable
Evidence-Based Valuations
The For What It’s Worth Appraisals Inc. approach to every assignment is to provide a clear and concise appraisal report. Our appraisals include the appraisal development and reporting standard requirements of USPAP (Uniform Standards of Professional Appraisal Practice). We provide equipment appraisal services and inventory valuations.
In contrast to some of our competitors, we do not arrive at opinions of value relying solely on our “years of experience”. For What It’s Worth Appraisals Inc. employs exhaustive market research to locate actual market offerings (sales comparables), since market data is typically the most reliable indicator of value. Market data can also be used to measure combined obsolescence for the Cost Approach.
We collect the data specific to the subject property and perform the necessary research to find comparables, cost information, and income stream specific to the subject property (where applicable). The appraiser considers all of the evidence in respect to the three approaches to value: Sales Comparison (“Market”) Approach, Cost Approach, and Income Approach.
Our inventory valuation process also considers the three standard approaches to value; however, value is typically determined using the Cost Approach. Factors affecting value are applied to inventory categories experiencing similar physical, functional, and economic conditions.
When you choose For What It’s Worth Appraisals Inc., you get the highest standards in professionally accepted appraisal practice in our equipment appraisal services.
Quoting The Assignment
We provide flat-rate quotes whenever sufficient information is available. Our quote contracts clearly state the ‘deliverable’ reporting and a flat rate (or qualified estimate) with turnaround time. Our appraisal fees for inventory valuations and equipment appraisal services are based upon the time required to perform the work – not the value of the assets.
To get the process started, we collect basic data such as:
- The list of assets (or inventory perpetual report) to be included in the valuation
- Location(s) of the assets
- Timeframe required, if known by client
- Purpose/Use of appraisal and levels of value desired
The For What It’s Worth Appraisals, Inc. team performs inspections for verification of assets throughout the United States.
Appraisal Process Steps
After the quote contract is accepted by both parties, we go to work setting up the inspection and performing the necessary research.
To get the process started, we collect basic data such as:
- Subject property inspection (or sample counts for inventory)
- Research and analysis
- Considerations and valuations
- USPAP-compliant report writing
- Report reviewed and signed by an Accredited Senior Appraiser (ASA)
If the client is not the owner of the property, we typically need no further assistance from the time of the quote process to the delivery of the completed appraisal report.
Equipment Appraisal Services – Asset Verification
An appraisal’s reliability is only as good as the asset list upon which the values are based. During our onsite inspections, we take photographs, record physical condition, and take notes with copious details of the subject asset identifiers including:
To get the process started, we collect basic data such as:
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This level of reporting serves two purposes. First, our research team can properly match the subject assets to similar comparables on the market. Also, our clients can easily reconcile our line item valuations to the actual subject property. We’ve found that this level of attention to detail saves countless hours for our clients. This is especially useful when the appraisal is used for litigation, negotiations, and transfer of ownership.
Our inspection field report states the relevant effects on value that were discovered during the onsite inspection. We also record physical condition for each asset and make note of assets that appear to be not fully operational or require repairs.
Often our appraisals include a check of the serial number and VIN to determine accuracy of reported vintage, make, model, and other specifications. This additional verification step allows us to arrive at the most reliable valuations.
Comprehensive Reporting
Mindful of our clients’ time constraints, we build clear, concise, and comprehensive reporting. Our reports are formatted for a fast-read with a logical flow of information. Our appraisal reports are USPAP-compliant, so you can be assured that the recognized standards of appraisal development and reporting have been met.
Our inspection appraisals include:
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The Appendix may also contain other supporting documentation, such as original asset lists or photos and documentation provided by the client. The Workfile with back-up evidence as always available to the client. All supporting evidence is stored for 5 years. Upon request, and typically for the purpose of tangible personal property tax valuation, the appraisal report can include all supporting documentation.
Trusted in the machinery and equipment appraisal industry since 2003, For What It’s Worth Appraisals Inc. provides USPAP-compliant appraisals and asset inspections for our clients nationwide. Each appraisal is reviewed and signed by an Accredited Senior Appraiser with over 17 years of experience appraising commercial assets.
Contact Us
For What It’s Worth Appraisals Inc.
9225 Ulmerton Road, Suite 406
Largo, Florida 33771
Phone: 727-240-1771
info@fwiwappraisals.com