Value Of Personal Property Bankruptcy
Value Of Personal Property Bankruptcy
Add Personal Property Appraisals to Your Roster of Services
Personal Property Appraisal work can be an excellent additional source of income for auctioneers, but it's not without its trials. A fellow auctioneer and friend had told me a story while we were in the Auction Marketing Institute's (AMI) sponsored GPPA (Graduate Personal Property Appraiser) class in Orlando, FL in 2002. He recounted an embarrassing situation where he was providing expert witness testimony before a judge for an appraisal case. He was one of three appraisers in the courtroom. Fortunately for him, only he and one other appraiser were within a couple thousand dollars of each other on this high dollar case. The third appraiser was almost one hundred thousand dollars away from any realistic value, and as such, he was summarily dismissed by the judge. Although my friend had 25 years of experience in appraising, he was ultimately dismissed by the judge because the other appraiser was certified, and further he used the USPAP (Uniform Standards of Professional Appraisal Practice) guidelines to write his report. My friend, although an expert in the disputed area, was not certified as an appraiser at that time. He told me that after that embarrassing experience that he was going to acquire the training to become a certified appraiser as soon as possible. The moral of this story is unless you are a certified appraiser your experience, although important and possibly relevant, does not mean much to the legal authorities.
As a certified appraiser, I receive calls all of the time from potential customers who think I am the Antique's Road show. Further, they believe that I am going to appraise their items at no charge. Guess again? The appraisals on the Antique's Road show don't mean anything significant, as they are more akin to a Desktop Opinion (A preliminary step to a full appraisal.). Have you ever seen an appraiser on the Antique's Road show provide their appraisal in writing? I tell my customers that I charge either an hourly rate or a flat fee, and those who would charge you a percentage of value are violating USPAP and federal law. This is the best way to spot someone who is uncertified!
Sometimes I even receive calls from people asking me to appraise their homes. I politely explain that Personal Property is different from Real Property (Buildings & Land). Real Property appraisal requires a license in most states. The only building exempted is my state is a Mobile Home. Check with your state for laws pertaining to appraisers.
Occasionally, the challenging customer will object to hourly rates or flat fees, stating "that such and such a business will write an appraisal for me for much less." I inform the would-be customer that there is a lot of time, research, and writing of a report. I query the potential customer, and ask them (1) what certification does this other appraiser possess, and (2) what is their "basis of valuation" or (3) "approach and definitions to value"? Lastly, I politely inform the complainant that if they want invest their hard earned money on such a questionable appraisal, I would gladly provide them with a more comfortable roll of Charmin, that might be more valuable to them instead.
The bottom line is this, as an appraiser you are only as good as your training, experience, and certification. Without a certification you only have an invalidated and basically worthless opinion. Your uncertified opinion is meaningless in court, especially when you are providing expert witness testimony on appraisals in areas such as marriage dissolution, bankruptcy, probate & will, or insurance matters.
There are many organizations that offer appraisal certification programs. Caveat Emptor (Buyer beware.)! The International Society of Appraisers (ISA) is one of the largest certifying boards. For more information on becoming an appraiser contact contact one the many appraisal organization's web sites available online.
Tom DiNardo is a Benefit Auctioneer and founder of DiNardo & Lord Auctioneers. He is also certified master appraiser, expert witness, and sommelier and wine educator. To contact Tom, please visit or call (888) 503-0828. © 2010 Tom DiNardo. All rights reserved.
About the Author
Tom DiNardo is the founder of DiNardo & Lord Auctioneers. He is a nationally recognized keynote speaker, licensed auctioneer, certified master appraiser, expert witness, and sommelier and wine educator. DiNardo & Lord Auctioneers is ranked as one of the nation's "Top four benefit auction firms," and has raised over $50 million dollars for charity.www.DiNardoandLordAuctioneers.com
Bankruptcy Question about a loan...?
We are filing chapter 7 bankruptcy due to being laid off from work. We owe about 25,000 which is on a car loan and also includes personal loans payday loan checking accounts credit cards and collection bills. My question is, I have a 40,000 dollar loan which i'm a joint applicant, I was placed on the loan to help my credit and the property securing the loan is not mine howeven my truck is listed on this loan (value of 2,000) can I be removed from this loan or do need to file it. I know bankruptcy is a bad option but with a child and one income it's very tough and we are getting judgments against us. Any experience info would be great.
You should inform the other person on the loan of your intent to file bankruptcy and ask to be removed from the loan. If this cannot be done, you should not report this loan as part of your bankruptcy estate as to not affect the credit of the other person. How and even if this can be done is something you need to discuss with your bankruptcy attorney.
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