APPRAISAL 101 TOPICS
There are quite a few reasons to order an appraisal: bank loans, insurance, business sales, property taxes, charitable donations, purchase price allocations, and many more. There are also different ways to approach any appraisal, including deciding the type of appraisal you need, and determining the appraisal “Definition of Value” that should be used.
On these pages, we hope to outline information to help you make an informed decision about your appraisal. Some Frequently Asked Questions are listed below, with additional topics accessible from the links to the left.
If you have any questions, or to request a proposal for your appraisal, complete the form at right, contact us at 888-4-SENCER (888-473-6237), or email us through our contact form on the right.
Frequently Asked Questions
What types of machinery and equipment do you appraise?
We have conducted appraisals for hundreds of individuals and companies. Some examples of the industries we appraise include: construction equipment, medical equipment, restaurant and food processing equipment, textile and dry cleaning equipment, retail stores, banks and professional offices, auto dealerships and auto repair, machine, metalworking and woodworking shops, and much more, including entire manufacturing plants and production facilities. Even if you don’t see your equipment on this list, it is likely that we have experience appraising similar equipment.
Are your appraisals USPAP compliant?
All of our appraisals comply with the requirements of USPAP, the Uniform Standards of Professional Appraisal Practice. These are the generally accepted standards for professional appraisal practice in North America. These standards are written by The Appraisal Foundation, an organization authorized by the U.S. Congress as the source for national appraisal standards and qualifications. USPAP contains standards for all types of appraisal services, including real estate, personal property (including machinery and equipment), and business valuations.
Do you provide certified appraisals?
For real estate, the appraiser must be licensed or certified in the state in which the property is located. For machinery and equipment appraisers, there is no certification. All our appraisers must be accredited by the American Society of Appraisers. To be accredited, our staff must pass ASA’s rigorous requirements, including completing a series of valuation courses, an ethics exam, a USPAP course, and have multiple years of experience in the appraisal field. In addition, all our appraisers must meet the requirements by the Internal Revenue Service (IRS) for qualified appraisers.
What types of appraisals are there?
There are two types of appraisal reports, and many definitions of value that might apply. You can find out more about types of appraisal reports and definitions of value by visiting those respective pages on our website, or by calling us so we can review your situation to determine which type of report and which definition of value is applicable for you.