One of the first questions you might have when starting the appraisal process is what the timeline will be. There are several factors that play into the determination of this.
- Is the appraisal inspected or uninspected – when we are required to coordinate a time, travel to your facility, and document all the information on the assets being appraised this can add 1-2 weeks to the timeline of the appraisal. When an appraisal is uninspected (formally called a desktop appraisal), the planning and travel time are not required, and the overall time is shorter.
- How many items are in the appraisal – if we are only appraising a handful of machines, it will definitely take less time than if we are appraising a whole facility. Each machine requires us to gather information and do research, so the more there are, the longer it typically takes.
- How common are the items to be appraised – when items are very common, perhaps a Haas VF-2, the most sold machine tool in the US, it is very easy to gather data to estimate value. We have much of this internally and the information is readily available from other sources as well. However, if something is a unique item, the research that needs to be done in order to give a proper valuation may be more in depth as there are not directly applicable recent sales to compare it to. This results in the need for more research time in order to complete the appraisal process.
These are just a few of the considerations that come into play when we are estimating timelines for appraisals. Of course, scheduling plays a role. However, we generally try to complete most appraisals within 3-6 weeks of the time they were contracted, when possible. We have 3 certified appraisers on staff ready to address your needs; contact our offices for more information.