Our appraisals are performed by Anthony N. Smithers – USPAP, Licensed Real Estate Agent and Auctioneer – firstname.lastname@example.org
We have completed and work directly with Branch Banking and Trust, Union Bank and Trust and Wells Fargo Bank. We also do work for Bankruptcy Trustees and work with the Bankruptcy Court of the Western District of the Commonwealth of Virginia.
Anthony has coordinated 65+ Equipment Auctions over the past several years. Responsibilities include but are not limited to; the initial Inspections, hauling and delivery of the equipment/rolling stock, working with the individual owners and/or the Financial Institutions, organizing and setting up equipment, conducting the mechanical maintenance or hiring and managing Independent Contractors/Mechanics, etc. to conduct more in depth mechanical maintenance.
Market Fair Value is a general concept defined as an opinion of the most probable buy-sell price; the probable amount of money a buyer would pay and a seller would accept for an item of property under specific conditions relating to the assignment. Market Value presumes the transfer of property (i.e., a right of ownership or a bundle of rights) as of a certain date and under those certain conditions as set forth in the definition of the term as identified by the Appraiser. Specific conditions may include (1) the relationship, level of knowledge, and motivation of seller and buyer, (2) the terms of sale (cash vs. cash equivalent), and (3) the condition of sale (i.e., exposure in the most appropriate marketplace for a reasonable time prior to sale). Appraisers are required to identify the exact definition of Market Value, and its source, whenever performing an Appraisal with an opinion of Market Value types (each with its own, unique definition) include Market Value, Fair Market Value, Orderly Liquidation Value, Marketable Cash Value and Fair Value (for business assets and liabilities).
Liquidation Value is most often considered to be the value-in-place of property from a failed business that is scheduled to be sold intact as of a specific date within a limited time frame, in order to satisfy creditors. But for personal property, Liquidation Value represents the amount of money that would typically be obtained when converting any property to cash for any reason within a defined time period. Orderly Liquidation Value assumes adequate time to prepared for and/or advertise the sale. Forced Liquidation Value assumes inadequate time is allowed to properly prepare and/or advertise the sale.
Forced Liquidation Value for personal property, the most likely amount (expressed in terms of money) an item would obtain by a seller who, because of a sense of immediacy, is under compulsion to exchange the property for cash within a Market which may or may not be the most appropriate Market (i.e., the most lucrative Market), within a less-than-optimal marketing time, and with a less-than-optimal Marketing effort. Forced Liquidation assumes a Wholesale Market in which wholesale purchasers participate.
Replacement Value (New) is the worth of a property, based on the amount necessary for the buyer to obtain (through purchase) a NEW item of like kind, quantity and utility or with a NEW upgraded item. Replacement Costs (New) applies to depreciable property for which the exact or suitably-acceptable new substitutes can be obtained, such as common furniture and household goods. Note that Replacement Costs (New) considers that items may be upgraded to the latest model or style.
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