Equipment Appraisal Best Practices 2

Step 2

How to Choose the Best Equipment Appraiser.

Most folks don’t enjoy buying an Appraisal. 

They would much rather buy something else with their hard earned money. 
There are times in our lives that we are forced to have Machinery or Equipment Appraised. 
The problem is – most of the time this is a once in a lifetime event. 
This means few people actually know how to go through the appraisal process. 
We understand!
This article can help this Appraisal be simple and quick for you.
We will share the best practices of getting a Machinery & Equipment Appraisal. 
This is written as if we are talking to a close friend.
Note: We Promise to tell you “What You NEED to know” but not always what you want to hear…

Equipment Appraisal Best Practices 2

Step 2: How to choose the best equipment appraiser

How to Choose the Best Equipment AppraiserTo have your machinery and equipment appraisal be simple and quick do these things.

We are going to give a quick overview here and offer our free forms and tools page for more information.

Key choices about Preparing for an Equipment Appraiser:

 

Note: The following section is a shortened version of the eBook by one of our verified Appraisal Companies:

Equipment Appraisal 101 – The Basics by Certified Consulting Group LLC. A free version is found here…

What is the benefit of hiring a Certified Equipment Appraiser. Simple… acceptance by Lenders, Government Agencies, the Courts, Insurance, the IRS and the party wanting the appraisal.
Mechanic / Operator vs. Certified Equipment Appraiser
Nobody knows your equipment like you do! Many people do this next part wrong. They choose a person to appraise their equipment that “knows or works on” their equipment. Writing an accepted report about value on equipment is a completely different skill than working on a machine or piece of equipment. We get that you trust a local friend or vendor. But for strong Legal protection, choose a Certified Machinery & Equipment Appraiser. Knowledge of how to write a litigation proof Appraisal – trumps knowledge of equipment. 
Local Vs. Out of Area Equipment Appraiser.
You may want to hire a friend or a local auctioneer, dealership or service company / mechanic. This is a mistake. They are usually not certified, not qualified for lending and not litigation ready. These types of appraisals are legal ticking time bombs. The best scenario is to hire an out of area (at least 1 county over) Certified equipment appraiser.
USPAP Compliance (Uniform Standards of Professional Appraisal Practice)
This is the industry standard for compliance, ethics, approaches to values, and any other knowledge an appraiser must have to create a report that will withstand scrutiny, be irrefutable, and be compliant with the IRS , SBA, Courts, and most other organizations. Make sure your appraiser is familiar with USPAP and their report is USPAP compliant. 
 
In our next Step we will discuss how to hire an Equipment Appraiser and what to expect in terms of the fee. We will also discuss the usually accepted payment format – it may surprise you.

FindEquipmentAppraiser.com has been created to fill a drastic need in the market. To many times in the past people have been either taken advantage of or given a poor report. Our goal is to offer a free way for people needing an equipment or machinery appraisal to find the best appraiser possible for their specific appraisal situation or need.