For Immediate Release
May 15, 2019
(Washington, DC) – Older Americans Month provides an opportunity to remind seniors that hiring a qualified appraiser is key to helping them get the most value from the sale of their properties and protect themselves from fraud.
“One of the best ways to honor our seniors during Older Americans Month is to arm them with the information they need to protect their assets,” said The Appraisal Foundation (TAF) President David Bunton. “Whether they are downsizing their homes and possessions or selling a business, appraisers can help older Americans achieve financial security in their retirement,” he added. TAF created an infographic to promote the value of an appraisal for older Americans.
An appraiser who has met TAF’s qualifications and standards and undergone extensive education and training is able to provide an unbiased and thoughtful analysis of value. Consumers who understand the value of their assets are better able to make informed decisions and protect their financial well-being.
When selling a home, for example, an appraisal can help prevent older Americans from accepting an offer that is below the value of the property. A sales price that is too low can cost consumers thousands of dollars, which can be particularly detrimental to senior citizens on fixed incomes.
Older Americans, who are downsizing, may also find an independent appraisal valuable when selling collections, including jewelry, art, furniture and memorabilia. Similarly, an appraisal provides support when taking a tax deduction for a charitable gift. The Internal Revenue Service requires appraisers to have successfully completed college or professional level coursework relevant to the property being donated. TAF’s qualifications and standards meet that requirement.
Appraisers can also help older Americans who are selling their businesses. Appraisers who specialize in business valuation can provide information that can help identify buyers and create a sales strategy to increase the final sales price.
President Donald J. Trump proclaimed May 2019 as Older Americans Month and called on Americans to honor their elders and renew their commitment to the well-being of seniors.
The Appraisal Foundation is the nation’s foremost authority on the valuation profession. The organization sets the Congressionally-authorized standards and qualifications for real estate appraisers, and provides voluntary guidance on recognized valuation methods and techniques for all valuation professionals. This work advances the profession by ensuring appraisals are independent, consistent, and objective. More information on The Appraisal Foundation is available at www.appraisalfoundation.org.
Media Contact: David Greer
Director of Communications
The Appraisal Foundation
direct phone 202.624.3048