What questions do we need to ask of appraisers?
Asked by
2davidc8 (
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August 24th, 2012
My mom has Alzheimer’s and my siblings and I have had to put her in a nursing home. We’re now going through her stuff and trying to get her condo ready for sale.
She has a lot of stuff that may be quite valuable, but then again, maybe not so much. We don’t know, and of course, she doesn’t either. She can’t remember when she bought them or how much she paid for them.
We are thinking of hiring appraisers to get a sense of how much some of the more valuable-looking objects might be worth. What do we need to know about appraisers, and what should we ask them when we interview them? Have any of you gone through this experience, and what were the lessons learned? Any advice would be greatly appreciated.
I have heard of one scam, though. Most appraisers are also auctioneers, but this leads to a potential conflict of interest, and the scam is to appraise low. It works like this:
The appraiser says your object is worth $2000. He says you should get at least this much if you auction it off. In fact, if you’ll let him auction it off, he’ll guarantee you $2000. You say great, go for it. But in fact, he knows that he can get $5000 for it but doesn’t tell you. You get your check for $2000, and he pockets the balance.
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14 Answers
First, I do not have experience with such, but if you feel something is valuable, I suggest you do a quick search on it online and see what you find. If anything has a name or logo, start there. Best wishes and good luck.
Get more than one appraisal. The auction should be attended / audited if there is great value involved.
It is also possible to sell the entire estate to a single person, once again more than one estimate or appraisal.
My mother had a fancy appraiser go through her stuff, tell her what she wanted to here and charge a lot.
After her death in May 2011, when we finally got the auctioneers in, they wouldn’t even take most of it. We ended up donating much of the furniture to a second-hand shop connected to one of the hospitals. They furnished apartments for battered woman and their kids so they loved even used sheets towels and kitchen items. We go a tax deduction.
Some odd junk, like fancy leather and beaded pocketbooks from the 1940’s and 1950’s and Russian rubles, brought in the most money.
What we learned is that you get what the market will bring.
I would try Craig’s List for the better items. Use your own judgment. Better some cash than none at all.
Regarding my mother’s jewelry which my father paid retail for, of course…that brought only the current value of gold, silver and precious stones (predicated on quality.) Even jewelry gold has to be melted down and purified to remove the dross.
Do you have the energy to have a yard sale in the condo? Often, neighbors or other condo owners will drop by and pick up the odd lamp or end table.
Have you offered items to everyone in the family? I have things from both my grandmothers that I love.
It’s an exhausting task. Good luck.
I think that you can research the most valuable things on line. If they have value, then there will be collectors with an online presence.
I agree with @gailcalled. It is exhausting.
Objects are always more valuable if they have a proper provenance, which means you have receipts for when they were bought and where they came from.
Another idea occurred to me. What about taking the stuff to a pawnshop? Do they have appraisers there? Would this be advisable? Does anyone have experience with pawnshops?
Most pawn shops will not give you a “Good price”. They’ll lowball you. Get a free appraisal from several different “estate sale” specialists.
@Tropical_Willie “Free?” Really? Where can I find these specialists?
How do they eventually get paid? A commission on sales?
The appraisals I’ve received were free, told each of the appraisers that there were other individuals giving offers. The people that gave me appraisals had salesrooms that sold “estate items” for sale. Did not have to sell all to one person.
Thanks, @Tropical_Willie, where can I find these “estate appraisers”? Where do they advertise? Even though my mom is still alive, our situation right now is very much like having to dispose and settle someone’s estate.
Once again, appreciate your help.
@2davidc8 Google “estate appraisal” should give you a list of local companies. My search gave me 10 local companies. Some may also be real estate appraisers but include all items in an estate.
You are welcome. Best of luck with the estate sale. Give you mom a huge hug.
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