Expert appraiser deemed my property abandoned and sold it

[som84]

What is the name of your state (only U.S. law)? North Carolina

I recently took some property to a local appraiser to determine a value and potentially have it sold on consignment. I signed a contract that allowed the business to assess the value of my items and required them to provide a written valuation so we could settle on sale terms. No where in the contract did it say I agreed to sell for any price. Contract was entirely about getting a written appraisal.

They made me an offer of $2,000 on the spot, which I refused. They followed up a few months later with a higher offer of $5,000, which I again refused. Nothing was ever provided in writing.

I then got cancer and underwent treatment for a year, putting this on the back burner. Halfway through my treatment, the left me a voicemail asking to meet and assuring me my items were "intact".

I since learned that the items I sent for appraisal were potentially worth well over $100,000. I reached out to get my items back, but was told that they considered the items "abandoned" and had sold them entirely. I was told that I wasn't entitled to any money whatsoever.

Question: How long does it take for an item to be considered "abandoned" and what steps should the business have taken before assuming I abandoned the items?

Timeline:
Spring 2015 - gave items to business for appraisal
Fall 2015 - declined offer of $5,000
Winter 2016 - Voicemail assuring me that items were "intact" and hadn't been sold
Spring 2016 - Business cancelled meet-up to negotiate sale -- didn't hear from them again
Winter 2017 - Informed that items were sold

 

[Zigner]

What is the name of your state (only U.S. law)? North Carolina

I recently took some property to a local appraiser to determine a value and potentially have it sold on consignment. I signed a contract that allowed the business to assess the value of my items and required them to provide a written valuation so we could settle on sale terms. No where in the contract did it say I agreed to sell for any price. Contract was entirely about getting a written appraisal.

They made me an offer of $2,000 on the spot, which I refused. They followed up a few months later with a higher offer of $5,000, which I again refused. Nothing was ever provided in writing.

I then got cancer and underwent treatment for a year, putting this on the back burner. Halfway through my treatment, the left me a voicemail asking to meet and assuring me my items were "intact".

I since learned that the items I sent for appraisal were potentially worth well over $100,000. I reached out to get my items back, but was told that they considered the items "abandoned" and had sold them entirely. I was told that I wasn't entitled to any money whatsoever.

Question: How long does it take for an item to be considered "abandoned" and what steps should the business have taken before assuming I abandoned the items?

Timeline:
Spring 2015 - gave items to business for appraisal
Fall 2015 - declined offer of $5,000
Winter 2016 - Voicemail assuring me that items were "intact" and hadn't been sold
Spring 2016 - Business cancelled meet-up to negotiate sale -- didn't hear from them again
Winter 2017 - Informed that items were sold

Winter of 2017 starts on December 21st, 2017.

 

[adjusterjack]

For $100,000 you'd better be talking to a lawyer.

 

[som84]

Winter of 2017 starts on December 21st, 2017.

Good catch -- I was told my items had been sold in early March of 2017, so while technically still the winter in 2017, I guess it was the end of 2016's winter.

 

[som84]

For $100,000 you'd better be talking to a lawyer.

I am talking to a few at the moment. While I feel them out, I was hoping someone here could point me to an existing statute or examples of case law so I can be more knowledgeable as I vet attorneys.

 

[NIV]

I am talking to a few at the moment. While I feel them out, I was hoping someone here could point me to an existing statute or examples of case law so I can be more knowledgeable as I vet attorneys.

http://www.ncleg.net/EnactedLegislation/Statutes/HTML/ByArticle/Chapter_116B/Article_4.html

 

[Dave1952]

Forgive me but I find this hard to understand. You believe that you had an item worth around $100,000. You wish to have the actual value appraised since you plan to sell the item by consignment. You have an "expert" appraiser place a value on this object. You do not tell us this value nor do you reclaim your object. You apparently expect the appraiser to purchase or broker this sale. You do have a written contract of appraisal.
Does the appraisal contract discuss how long you may leave an object without it being "abandoned"? Since the only contract that you mention is for appraisal that's where I'd look for discussion of abandonment.
I'm greatly troubled that the appraiser offered you $2000 and then $5000 for the item. If he appraised the item for $2000 why would he offer you $5000. And if you believed the item was worth around $100,000 why didn't you reclaim it rapidly from the " $2000 appraiser"?

 

[som84]

Forgive me but I find this hard to understand. You believe that you had an item worth around $100,000. You wish to have the actual value appraised since you plan to sell the item by consignment. You have an "expert" appraiser place a value on this object. You do not tell us this value nor do you reclaim your object. You apparently expect the appraiser to purchase or broker this sale. You do have a written contract of appraisal.
Does the appraisal contract discuss how long you may leave an object without it being "abandoned"? Since the only contract that you mention is for appraisal that's where I'd look for discussion of abandonment.
I'm greatly troubled that the appraiser offered you $2000 and then $5000 for the item. If he appraised the item for $2000 why would he offer you $5000. And if you believed the item was worth around $100,000 why didn't you reclaim it rapidly from the " $2000 appraiser"?

Hi,

I think you're reading things out of order.

I took the items in to be appraised without knowing the value whatsoever. I was relying entirely on the expert to determine the value. The contract said nothing about a time limit, except that the appraiser would have a written valuation within 2 months. I received several offers of the next few months, but nothing in writing explaining how they came to the numbers.

I then got sick, and during my recovery someone brought to my attention that the items potentially had considerable value. Doing some research, I confirmed they were worth six figures easily. When I tried to get my property back, I was informed it was already sold (without my permission or any agreement to terms or commission, verbal or otherwise).

Since my original post, half of the items I submitted for appraisal have magically reappeared, although I have not been granted access to them. They are currently with the appraiser's lawyer, supposedly. I've also only gotten documentation for about 0.5% of the number of items I brought in for evaluation. The math isn't adding up on what was sold vs what still remains, and my lawyer is working hard to get receipts and move things along.

 

[NIV]

Did you point out to the other side's attorney the statutes I linked? Have they complied with the procedure for abandoned property?

 

[quincy]

Hi,

... my lawyer is working hard to get receipts and move things along.

It is good that you have an attorney working for you. That takes the pressure off of you and puts it on the appraiser where it belongs.

Good luck.

 

[Dandy Don]

Please clarify: exactly what were the "items" that were sold?

What does the contract say about when you are supposed to get paid? Normally that is done soon after the sale takes place.

It's difficult to give you a definitive answer since we can not see the contract.

Is the appraiser also the party who was going to sell the items or was another party (other than the appraiser) going to do the sale?

 

[quincy]

Please clarify: exactly what were the "items" that were sold?

What does the contract say about when you are supposed to get paid? Normally that is done soon after the sale takes place.

It's difficult to give you a definitive answer since we can not see the contract.

Is the appraiser also the party who was going to sell the items or was another party (other than the appraiser) going to do the sale?

The contract was to appraise the items only. Read the first post.

Som84 has an attorney now with access to the facts so, unless you are just curious, som84 probably should be relying on the advice and direction of his attorney, not members of a forum.