THE APPRAISAL PROCESS

WHAT IS AN APPRAISAL?


THE DIFINITION OF AN APPRAISAL IS ONE, OR A COMBINATION , 0F THE FOLLOWING:
WHAT ARE THE STEPS IN ACQUIRING A CERTIFIED APPRAISAL
and What Should I Expect From the Appraiser ?

      Once you have identified the accredited, certified appraiser you want to hire, call or
      email him or her to set up a field inspection. In that initial call or email you will need to
      tell the appraiser what you want to be appraised (i.e., horse, livestock, farm equipment,         etc.) and what you will be using the appraisal for (i.e., divorce settlement, insurance             claim, bankruptcy, etc.).
      You will also need to communicate who the intended users of the report are (i.e.,                   yourself and/or your attorney, the insurance agency, the bank, etc.).
 

Based on the initial information you have provided, the appraiser will assist you in deciding which type of appraisal is necessary to fulfill your need. And at that point he/she should be able to quote you a price for the job. 

THERE ARE THREE TYPES OF APPRAISALS FROM WHICH TO CHOOSE.

    This is the appraisal most commonly used for horses,livestock and farm equipment.
In the finished report you should expect:
1. Cover page
2. Title page
3. Letter of Transmittal
4. Table of Contents
5. Detailed Description of the Appraisal Process
a. Appraisal Method Used
b. Location of Property
6. General Information
a. Intended Use of the Appraisal
b. Intended Users of the Appraisal
c. Purpose of the Appraisal
d. Definition of the Value Determined
e. Assumptions of Limiting Conditions
f.  Results of Tests (if any)
7. Detailed Description and Value Estimate of the Subject Property
8. Appraiser's Certifications
9. Appraiser's Qualifications
     10. Addenda (supplemental information: photographs, photocopies, etc.)
a. Copy of Registration Certificates
b. Copy of Pedigrees
c. Copy of Performance Information
d. Pictures of Subject Property
e. Description of Comparable Properties
f.  Copy of Tests performed
      g. Any Other Supportive Evidence       

    This appraisal is the least used of the three reports and is  recommended when an                       attorney needs the report to settle a dispute outside of court, when complex issues are
              involved,and/or large sums of money are at stake in a litigation action, etc. However, it is
              noteworthy that if the dispute IS going to court, this report could work against you in the                     discovery process in the first stages of litigation. Always ask your attorney before                             requesting a Self-Contained Appraisal which will go on record.

   The Self-Contained Report is the most thorough, complex and difficult report to do,and                   therefore may cost more than the other two reports.

           This report contains all the items that a Summary Appraisal does, but also must include
      the mathematical calculations, comparable property descriptions, explanations describing
      market conditions, an explanation of the reasoning the appraiser used to arrive at
      the value conclusion, bibliography of books or articles used to help establish the
      subject property's value, etc.

    This appraisal report is usually one page, stating a description of the property,the                          location of the property and the Value Determined. The scope of work for this report is less                and therefore should be less expensive.

This report is typically used only by you and possibly your attorney. A Restricted
Use Appraisal is often used to determine whether or not you want to have a more extensive                appraisal done. For Example; Your attorney may request this type of report to determine if                  the value of a particular subject property warrants going to court, or settling out of court.

In this economic climate, you should  know what your horse is worth...
**Call An Expert **
Call Certified Equine Appraiser,
SANDRA HOLT
940-231-7779
or email:
sandijaneholt@aol.com