USPAP compliant workfile

[KYLECODY]

What is required by USPAP to be in an appraisers workfile?

I save the original order form, sketch, property notes, printout of comparables used(summary) and an electronic copy of the actual submitted report on an external hard drive.

Do some of you formulate the cost approach on your paper file? Include similar comparables that weren't used, extraction methods/adjustment figures, etc?

 

[Webbed Feet]

What is required by USPAP to be in an appraisers workfile?

I save the original order form, sketch, property notes, printout of comparables used(summary) and an electronic copy of the actual submitted report on an external hard drive.

Do some of you formulate the cost approach on your paper file? Include similar comparables that weren't used, extraction methods/adjustment figures, etc?

Here is where you can order a copy.

http://www.appraisalfoundation.org/s_appraisal/sec.asp?CID=3&DID=3

 

[Terrel L. Shields]

I save the original order form, sketch, property notes, printout of comparables used(summary) and an electronic copy of the actual submitted report on an external hard drive.

Do some of you formulate the cost approach on your paper file? Include similar comparables that weren't used, extraction methods/adjustment figures, etc?

yes...What ain't in the report is in the file.

 

[Tom Woolford]

If I looked at it, its in the file (digital).

 

[Webbed Feet]

I'll help you some more. Have you ever asked yourself why it is you are required to keep a file? Why for five years? Seriously, why bother? It just sits around in a file box or whatever, so who cares?

Perhaps once you've had time to ponder my questions it will come to you what should be in your work file. HINT: the answer is one word unless one says it very slowly and then it might be two words.

 

[CANative]

Sufficient information to make a summary appraisal report if I remember my USPAP.

Dagnabbit. The answer is: documentation necessary to support an appraiser's analysis, opinions and conclusions.

Guess I'm ready for an update.

 

[Lee Lansford]

I can re-create the appraisal from what is in my workfile.

 

[CANative]

That's how I think of it when I think of it.

Ha! 37,001

 

[CANative]

One time I got a nuisance complaint from a homeowner that was selling their house. So I sent my workfile to OREA.

Comp 1 was a comp I used a lot back then (oceanfront property with only about 3 sales a year of this property type.) I loaded the comp from my software data base.

But I forgot to run a paper copy of it for the workfile. OREA said there was nothing to the complaint but REMINDED me about the need for a copy of the listing. lol

 

[PLCG]

I'm with Tom. Everything is saved in a digital file.