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  #1  
Old 11-18-2011, 06:02 PM
larryhaskell larryhaskell is offline
 
Join Date: Apr 2002
Location: Reno, NV
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Default What type of report?

I have been asked to do an appraisal of 10 vacant parcels in the middle of NV to settle an estate. The report will be reviewed by the court located in California. I normally do a self-contained report and I submitted my bid based on the SC report. Apparently the estate has limited funds so my contact has asked me if I could reduce my fee. Would it be acceptable to submit a Summary Report to a court.

I don't know any other was to reduce the fee because based on the location of these properties I will likely have to drive hundreds of miles to see the properties and the closed sales plus spending at least one night in the area.

Any and all thoughts will be appreciated and I will be happy to provide additional info if necessary.
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  #2  
Old 11-18-2011, 06:07 PM
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Pittsburgh Pete Pittsburgh Pete is offline
 
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I would think a summary would be adequate. However, I tell people that the process is the same, they just get varied amounts of paper with the various formats. Summaries will be cheaper but not that much.
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  #3  
Old 11-18-2011, 06:10 PM
NorthTexValuation NorthTexValuation is offline
 
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State: Texas
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Default

Quote:
Originally Posted by larryhaskell View Post
I will likely have to drive hundreds of miles to see the properties and the closed sales plus spending at least one night in the area.
Are you geographically competant in that area?

Last edited by NorthTexValuation : 11-18-2011 at 06:48 PM.
  #4  
Old 11-18-2011, 06:43 PM
larryhaskell larryhaskell is offline
 
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Yes I am, most of my work is done in the rural areas of Nevada.
  #5  
Old 11-18-2011, 06:48 PM
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Michigan CG Michigan CG is offline
 
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I have never written a self-contained report as I would define it.
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  #6  
Old 11-18-2011, 07:19 PM
leelansford leelansford is offline
 
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State: Illinois
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Quote:
Originally Posted by Michigan CG View Post
I have never written a self-contained report as I would define it.
I understand.

I saw two appraisals by the same appraiser. One was labeled SCA and the other Summary. Content-wise, not much difference between the two as to the depth and breadth of reporting; the SCA was anything but SCA. The reason? He was quoting fees to a bank for an SCA appraisal and was able to under-cut the competition by doing much less than what I (and others) considered worthy of SCA labeling. He was thinking that no one would notice. He was wrong.
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  #7  
Old 11-18-2011, 08:21 PM
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PropertyEconomics PropertyEconomics is offline
 
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Larry .. I never submitted a self contained report to a court for lots of reasons. Summary appraisal reports have always been accepted in the court jurisdictions I have worked in and appeared before .... In my opinion Self Contained for court is a VERY bad idea.
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Last edited by PropertyEconomics : 11-18-2011 at 10:00 PM.
  #8  
Old 11-18-2011, 09:53 PM
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Terrel L. Shields Terrel L. Shields is offline
 
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Location: Springtown, AmeRica
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Quote:
I have never written a self-contained report as I would define it.
me too. As John Widdoss - long time resource appraiser and instructor put it, "Where does it end?" SC is open ended. "Discuss?"...." do I regurgiate the entire zoning manual for a city as opposed to saying it is zoned X which allows for similar commercial uses and maybe make 2 sentences or so? I don't know.
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  #9  
Old 11-19-2011, 02:22 PM
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Stephen J. Vertin, MAI Stephen J. Vertin, MAI is offline
 
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Location: 203 North LaSalle Street, Suite 2100, Chicago, Illinois
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Default

I understand appraisers who fear SCA formats. The sad part is the fear is peer, not market induced. When FIRREA was first implemented SCA was the only type report produced. Then in 1992-93 the three formats were developed. Self contained is driven by client expectations not make believe guidelines first and foremost. It does not mean put everything in the world relate to the subject (and its market) into the report it simply means relevant information that was used in determining value and how it was derived. If you are being attacked due to the former it simply shows an advisory who has a motive or worse yet "knows not what they do".

With that said, few if any clients ask for SCA anymore. I recently did one for an east coast client but that had been the first in years. Most of the times my SCA are not like my summary reports but sometimes they are. I do not know of a rule that says they can not be. If I have a client who is willing to pay the fee I will produce a summary very close to SCA format. I simply called it a "summary" for protection. The downfall within the three report formats is the SCA brand leaves one open to stone throwers looking to sink either report or appraiser credibility. Lets face it, it does not take much imagination to attack an undefined format by an outside user. Further there are a number of people in the industry who have no idea what non-biased means.

Last edited by Stephen J. Vertin, MAI : 11-19-2011 at 02:31 PM.
  #10  
Old 11-19-2011, 03:53 PM
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PropertyEconomics PropertyEconomics is offline
 
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Stephen .. I dont know appraisers "fear" self contained .. its just the smart appraisers wont put themselves in a position of being found not fully compliant with someone's idea of self contained in a court of law.

To me its not fear ... its intelligent not to lable a report as such.

I will do them .. but they get a summary lable for both my protection and that of my client.
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