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What to Do Prior to an Appraisal

July 10, 2013

When you’re selling your house, the most important thing to do before you list it is to clean it, make any obvious repairs, and present it in the best possible light. NEBBI MachineryThe same holds true when you’re ordering an appraisal of your machinery or equipment. The last thing you want is any surprises when your CMEA hands over his or her report, so before the appraisal, do a little housekeeping so that your appraisal comes in as high as possible.

Gather Your Documentation. Start off by putting together a comprehensive list of all the machinery and every piece of equipment that you’d like appraised. It will save the appraiser an enormous amount of time, especially if you have a lot of equipment. You should also gather up serial numbers, receipts, repair manifests, and owner’s manuals — anything to make the appraiser’s job easier. If the task is easy, then the appraiser is happy. And if the appraiser’s happy,  then everybody’s happy.

Clean & Repair. This goes back to the home-selling comparison. If your machinery is clean and in good working order, it will appraise better, which will make it easier to insure or sell. It will also demonstrate to the appraiser that you’re both serious and conscientious.

Know Your Appraiser. Find out beforehand if your appraiser is an experienced certified machinery and equipment appraiser (CMEA). Also familiarize yourself with what the appraiser’s report should look like. Typically, a CMEA’s appraisal report includes pictures, model numbers, serial numbers, and other descriptive information. The equipment value is based on research, the appraiser’s inspection, and contact with manufacturers and suppliers of the equipment. A CMEA’s appraisal will always be performed to standards set by USPAP.

Taking these steps will ensure a smooth and painless appraisal.

The NEBB Institute endorses and strives to observe the highest standards of professional ethics to preserve the public trust inherent in the professional appraisal practice. The Institute provides initial and monthly comprehensive education, ongoing support, and a dynamic international network, and certifies professionals in the art of machinery/equipment appraisal and brokerage.

By: NEBB Institute

photo credit: country_boy_shane via photopin cc


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