Our Clients Want to Know
Asset Verification – Frequently Asked Questions
What must be done to prepare for the inventory process?
Our goal is to make the process as nonintrusive as possible. If you have items that you want cataloged and appraised, they should be removed from storage, unpacked if necessary and made available to our Inventory Specialists. Items such as china, silver and crystal do not need to be removed from cabinets.
Does the Inventory Specialist require the homeowner’s assistance during the inventory?
After the walk-through is completed and any special instructions are given, there is no need to stay with the team. We understand that our clients have active lifestyles and our team is highly trained to work independently. If the team has any questions that need to be addressed, they can be discussed at the homeowner’s convenience.
Must items be taken out of storage or closets prior to the inventory?
If you would like items in storage cataloged and appraised, they need to be unpacked and made available to our Inventory Specialists. Items located in closets can be discussed during the walk-through.
In areas such as bedrooms and bathrooms, will the Inventory Specialist open drawers and closets?
Our Inventory Specialists are trained not to open any drawers or closets unless they have permission to do so, with the exception of the drawers and cabinets in the kitchen and dining room. This will be discussed during the walk-through. Under normal circumstances, most closet areas are documented at a minimum with digital images. If requested, specific high-value items such as designer suits, handbags and evening gowns can be individually documented, photographed and appraised.
How long does the inventory process take?
On average, it takes one team of two Inventory Specialists a full day (16 total hours) to perform the inventory on a home that is 3500 square feet. Obviously, this may vary based on each client’s home contents. For example, inventories that include large collections of sterling silver, china or collectibles generally require more time.
Is there any documentation provided that outlines the services and associated cost?
A formal Letter of Agreement is prepared by AVI for signature. This letter will confirm the dates services will be provided, the names of the Inventory Specialists assigned to the project, what services will be provided, and the fee and terms of payment.
If individual valuations outside the ones requested by the client are recommended by the appraisal team, how is that handled?
Once the onsite work is completed, we have all the necessary information needed to provide formal appraisals. In the unlikely event that additional work over the agreed-upon is recommended, nothing will be done without formal approval.
What about areas in the home that are not included in the finished square footage?
Items you would like cataloged and valued located in areas such as basements or storage buildings can be included in the project. These areas and associated fees will be discussed with an AVI representative and will also be addressed in the Letter of Agreement.
How long does it take to receive the final documentation once the inventory is completed?
We are proud of our Green, paperless initiative. The formal appraisal report and corresponding documents are uploaded to a secure flash drive and delivered within eight weeks of payment of the initial onsite invoice.
What is Getty Object ID?
Originally developed by the Getty Museum to be a standardized system for identifying and recovering lost or stolen art, Object ID is used by AVI to record the identifying details of your personal possessions. It’s an inventory process that is highly respected and accepted by the insurance and financial services industry.
What does Aggregate Valuation mean?
This is a term used by the appraisal and insurance industry that represents the total value of everything that is inventoried. If we inventory your entire house, your Aggregate Valuation represents the value of all your personal property.
What does it mean to be USPAP-compliant?
USPAP compliance refers to the Uniform Standards of Professional Appraisal Practice that set performance and ethical standards for certified appraisers. These standards are designed to ensure that your valuations are developed in an unbiased manner to the highest standards in the appraisal industry.
“Some things are better left to professionals! Selecting Asset Verification, Inc. was a smart decision.”
-J. B. L.