I am currently looking at purchasing a Porsche which was appraised by an individual Michael Tzemis. The format of the appraisal is nothing like the one that I had done to my 911. I have searched for this individual and cannot find anything about him.
Because it is a private sale, I am trying to confirm everything that I can about the individuals involved in the sale since there are so many scams being run these days.
I am hoping somebody can confirm that this person exists and is an actual licensed appraiser.
Thanks for any assistance provided.
Regardless of the knowledge and Porsche experience of the appraiser (and Bruce Farrow is probably the best in our area), be aware that most appraisals are primarily done as a basis for insurance value and should not necessarily be taken as a reflection of the car’s retail worth or its mechanical condition. There is only so much you can learn about a car by looking at it and starting up the engine. Some Appraisers do use auction selling prices as a component of their valuation, but not all. For any Porsche purchase I would recommend having a pre-purchase inspection by an experienced Porsche specialist. The cost will be well worth it. As for the retail value of the car, check Autotrader, Hemmings and the PCA Website for what comparable cars are being listed for, keeping in mind that the sell price may be quite different.
You may be confusing a pre purchase inspection (PPI) with an insurance value appraisal. It sounds like you have an insurance value appraisal document and this cannot be relied on to give any useful information concerning the authenticity or condition of the subject car.
I don’t recognize the name of the appraiser Michael Tzeminas. Certainly, he is not licensed member of PAVE and I should know since I am the Chairman of the Mentoring/New Member Committee. Only one in ten applications is accepted.
Andy Wright makes a good point (as always) that insurance valuation reports do not necessarily reflect actual market value. Insurance valuations are used as the basis of an endorsement on your insurance policy and are deliberately high.
I hope that clears things up. In any case if you have any specific questions you can always contact me and I would be pleased to help you out.
Thanks Bruce. I found out where the appraisal originated and I messaged the place on Facebook and found that it in fact did originate there. Interesting that the guy does reflect a license # after his name. I was mainly trying to confirm that this sale wasn’t just another scam listing. I have already owned a similar model Porsche as the one that I am looking at and am well aware of the values of these cars in today’s market. The actual appraisal that I obtained had the values blacked out, but that wasn’t my purpose in finding out more about the source of the document. So far I have been able to confirm details listed on the document.
I appreciate your input.