54 Page Residential Appraisal Report

[Terrel L. Shields]

The URAR was designed to be a concise reporting format and to eliminate the submission of pages of fluff.

Well, that didn't turn out all that well

 

[Mike Garrett RAA]

35 to 40 pages is common for most of my reports these days. The VA wants page 1 to be the invoice. I have always had a cover page and table of contents. Recently I added two pages in support of the MC page and I have also added a W9 with every report.

Once upon a time I had a four page addendum describing the Pikes Peak region. Paid a technical writer to update it once a year. It was nice but certainly over-kill for a typical residential appraisal for mortgage lending purposes. Think you all have heard me comment on the VA chief appraiser saying..."drop all the extra stuff, we don't buy these appraisal by the pound". Even went so far as to use a manuscript cover on our reports. Quit doing that when I found out my primary client was tearing that off the reports before filing it.

I still think too many appraisers believe "more is better". It's supposed to be a summary report in a form format.

 

[BarrySW1963]

45 to 55 standard on a 1004. Piles of maps and photos. Disclose, disclose, disclose.

 

[Mike Garrett RAA]

How many pages was your demo report if you are designated?

 

[Dale Smalley]

I wouldn't trust a report with lots of unecessary paragraphs and meaningless charts.. To me you are hiding something between the lines. I save lots of data in my work file but don't feel the need to publish everything. They removed the term "Summary" from the report but really 50 pages? I still feel the report is an analysis of the summary of findings. KISS

 

[Ariba]

What the client wants to know is.....what is it worth. Did a fine job on that, but........................

If that is the case 1-page would suffice!

 

[ZZGAMAZZ]

I can't find a TOC page that will go through the .ENV conversion, but for other work I include one. I also include a client letter which, among other things, names the page and section of that page where the value conclusion is recited.

How can one provide a TofC without knowing the PDF pagination that isn't known until the PDF version is printed?

 

[ZZGAMAZZ]

I was preparing to start a thread, although this existing thread provides an excellent forum.

My reports provide increasingly detailed market analyses based on various published sources as well as "the appraiser's subsequent independent research" that begins with the overall market and rachets down as subsequent filters are applied, until the subject niche--based upon the most relevant descriptors--is reported upon.

From a practical perspective, I'm not sure I'm not wasting time to satisfy my personal curiosity, not knowing whether intended users read that section.

From an intellectual perspective, I'm not sure I'm not wasting my time, because the "as is" opinion of value on an effective date is that and that alone, so to speak, without the existence of any exposure-related factors of which I might reveal that could do anything more than to justify the undeniable fact that market influences had everything to do with valuation--regardless of whether the market is stable, or whether values increased or decreased dramatically leading up to that date--and with the potential benefit of market research discounted even more so because of the absence of causality, as well as the implied caveat that prospective valuation is beyond the scope of the report.

So why bother other than to satisfy minimum reporting standards, or to appease my need to feel important--which is critical because "time" is our most precious, although rapidly depreciating, asset.

 

[George Hatch]

Most of the problem with excessive page content is due to Fannie's form. If the majority of appraisals reported on their form require an HBU analysis, site sales data and/or other substantiative support of site value conclusions in the Cost Approach, 1004 MC, market segment analysis, 5-6 sales in the Sales Comparison Approach, UAD definitions, explanations and support for the various adjustments being used on the Sales Comparison and exposure time summaries then their form should be structured that way in a linear order so that the readers won't have to embark on the Easter Egg hunt in order to read the damn report.

The fact that you basically cannot read any SFR appraisal that is reported on a Fannie form from beginning to end without flipping back and forth to the addenda is *entirely* attributable to the weaknesses of their formats relative to their requirements.

Some of your content is attributable to covering up the holes and circumventing the hazards Fannie has created for you in their report format. This is what happens when you delegate appraisal form formatting to bankers instead of appraisers

 

[Michigan CG]

I have a TOC.

I do not put in MLS sheets.

Mine are typically 35-40 pages.

Longest this year so far is 62 pages for a house on 78 acres with three values requested by the client (private party).