APPRAISAL 101 TOPICS
There are generally two types of reports that can be performed for an equipment appraisal.
Inspected Appraisal Report
An inspected appraisal, sometimes called a field appraisal, includes an on-site inspection by one of our associates. During an inspection, the equipment appraiser may take photographs and will collect the necessary information on the equipment–such as manufacturer, model, and serial number–and document the condition and relevant characteristics, features, specifications, and other factors that impact the value of the equipment.
The standards followed by the accredited appraisers, the Uniform Standards of Professional Appraisal Practice (USPAP) refers to this as a “personal inspection” since the appraiser or a designated associate is personally viewing the equipment. Such an inspection is limited to those things readily observable without the use of special testing or equipment. Such an inspection does not include activating or testing the equipment or any mechanical systems, so this visual inspection by an appraiser is not the equivalent of a mechanical evaluation by a mechanic or a technician. If there are concerns or questions about the functioning of pieces of machinery, it is sometimes recommended that the equipment also be inspected by a qualified technician.
Uninspected Appraisal Report
An uninspected appraisal, sometimes called a desktop appraisal or a desk appraisal, is used to determine value without an on-site inspection and relies on provided information about the subject assets. It still contains a detailed analysis of the condition of the machinery or equipment. The client or equipment owner sends us the necessary information about the equipment and we determine the value based on that information.