Verbal Approximation of Value

This document is provided to assist in your understanding of the type of valuation you requested that does not call for a written appraisal report. Professional appraisal organizations do not equate this type of information appraisal to preparing an appraisal report written to industry standards that reflects a defensible value conclusion.

You should understand that a verbal approximation of value (VAV) is not a professional appraisal. A professional appraisal is a written report signed by the appraiser and requires market and value analysis and research, elements lacking in a verbal approximation of value. In conducting verbal consultations, a statement is prepared for the client’s signature outlining the difference between a bona fide appraisal and a verbal approximation of value.

If I do not have the working knowledge to give an estimate of value on a given item, I will not do so since the item needs more research than is possible at the time of the valuation. I will tell you what is required and give you an opportunity to consent to or refuse further research billed at the same hourly rate.

Prior to proceeding with the VAV, your signature is required below.

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I understand that a verbal approximation of value is not a professional appraisal. A professional appraisal is a written report signed by the appraiser and requires market and value analysis and research, elements lacking in a verbal approximation of value. I also agree to make payment at the time of service or within 14 days of receipt of invoice for additional research or report services. Payment after 14 days will incur 10% penalty for late payment.


Signed:______________________________________

(Client Signature)

 

Date:__________________