How do I choose an Appraiser?
Ask for a resume. Evaluate education, relevant experience, appraisal society accreditations and membership. Ask for references! Lender approvals are important. It means the appraiser has passed their scrutiny and met their standards. An accredited professional appraiser will always include a comprehensive explanation of what’s included in the scope of the quote for the appraisal.
How do appraisers set fees?
Fees are usually quoted by flat-rate quotation or by the hour or day (per diem). If travel is required, estimated travel & lodging expenses will be pre-approved and included. Fees should reflect the appraiser’s experience, training and quality of reputation. The old adage “you get what you pay for” applies to appraisal services as well. Flat rate quotes are made after a walk-through of the project or analysis of asset listings to be appraised. The quote will reflect the appraiser’s estimate of time spent in the inspection phase, research and analysis required to reach a supportable value conclusion, difficulty factor and financial risk and exposure inherent in the project.
Are appraisers required to be licensed?
Currently only real property appraisers have licensing requirements for appraisals of real property to be funded by Federally guaranteed loans. Federally insured funds on certain minimum stated value real estate loan transactions are required to utilize state licensed appraisers. Business appraisers and personal property appraisers are not required to be licensed and no license is available for these disciplines. However, all disciplines of appraisers with membership in appraisal associations such as the ASA (American Society of Appraisers) are required to meet minimum requirements in experience, professional training, testing and re-certification in order to be designated appraisers. They are also required to comply with USPAP (Uniform Standards of Professional Appraisal Practice) in completing their assignments.
Does the auction method mean I will get less for my assets?
No! We live in an age of information. Modern auctioneers have vast resources in multi-media marketing technology to reach out globally to promote and advertise public auctions to end users in specific industries, brokers and dealers. Such publicity leads to a very competitive and spirited bidding environment that often results in the highest possible prices. Online auction bidding opens up the competition amongst buyers to the global marketplace. However, occasionally circumstances beyond the control of auctioneers such as a short time frame to promote an auction or remote sale sites may affect recovery results.
I can’t attend a specific auction sale. Can I still bid?
Yes. We will accept your proxy bid provided you post the appropriate deposit with your bid in certified funds in our auctioneer’s trust account prior to the auction sale. If you win the bid, your deposit is applied to the purchase. If your bid is unsuccessful, your deposit is returned.
When is asset brokerage or orderly liquidation beneficial over public auctions?
The nature of certain complex assets is not well suited for the auction format. Time frame, quantity and quality of the assets to be sold play an important role in choosing the appropriate disposition method. The expenses associated with a public auction set-up, promotion and execution may not be cost effective for small numbers of assets, likewise, for a single or few high dollar assets. Sometimes facility lease restrictions for public auction access or lack of landlord cooperation limits the possibility of the on-site auction method. In such cases, Asset Reliance, Inc. can bring the asset purchase opportunity to the buyer by a well planned and executed controlled liquidation/brokerage that can be handled off-site through a variety of techniques.
I’m not a seller but I’m looking to buy. Can you help me?
Our large database of buyers and sellers can match buyers and seller by industry. Submit your shopping list and we can find what you are looking for at a competitive price.
If you have any other questions…
Please call us at (909) 944-5959 or email Asset Reliance, Inc. and we will do our best to provide you with any additional information you require.