Appraisal Completed Today

[noob2010]

I had my Whiteflash ACA appraised today and all went well. I''m just a bit curious to see what you all thought about the appraised value vs my purchase price. The WF non-pricescope discount on my stone was 14.8k. After my appraiser put the specs of my stone into his computer program for like-comparisons for similar stones and with a markup for my specific location, he came up with a appraised value of 15.8k, without knowing what I paid.

Does this sound accurate? The appraisal certificate that came with the WF stone was valued at 22k.

Thanks

 

[ct-appr]

Would you post the WF certificate?

 

[noob2010]

I just installed Windows 7 and my old scanner is having issues. Anything specific you want me to look for?

(ill post the scan as soon as i get this figured out)

 

[noob2010]

Got it!

 

[ct-appr]

The WF certificate is a "feel good" appraisal, written to make you happy with the deal you received. Without seeing it, I think the 15.8k appraisal is probably good. Most appraisers tend to be a little on the high side (compared to what was actually paid). Appraisers want to be sure that the item can be replaced for the amount appraised.

 

[denverappraiser]

I’m not all that impressed with these documents but it clearly states that the value conclusion is intended to be comparable to ‘high end guild’ jewelry stores in Houston. This may or may not be what the client needs to know, but the stated value isn''t out of the question given the description and that marketplace. There’s a whole industry where sellers provide documents called appraisals where the value conclusion is completely out of line for ANY marketplace and these are what I tend to think of as ‘feel good’ appraisals (and most don''t even bother to describe what market they''re attempting to describe}.

The statement that it’s not an appraisal but only a verification rings false to me, as I''m sure it does to you. It’s a signed statement of value by a company identified in the masthead as an appraisal service. That’s an appraisal. A report for ‘verification purposes’ only would not contain a value conclusion, particularly not one that applies to a marketplace other than the one where it was just sold and that’s the subject of the verification.

Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Appraisals in Denver