Can Banks accept Restricted Reports?

[Vernon Martin]

When the SOW is a restricted use report, this usually implies that the client already has great familiarity with the property and a great deal of trust in the appraiser. This is not a crime. It is actually the way appraisals are done in most other countries, like Mexico, Hong Kong and most of the British Commonwealth.

 

[Terrel L. Shields]

When the SOW is a restricted use report, this usually implies that the client already has great familiarity with the property and a great deal of trust in the appraiser. This is not a crime. It is actually the way appraisals are done in most other countries, like Mexico, Hong Kong and most of the British Commonwealth.

Austrailia...i hear

There are places where an appraisers OPINION is respected and they don't need the 'fluff'. Does anyone really believe that if we had to go back to typewritten reports that we'd see 30 page reports for $300? Of course not. The computer has not only allowed us to fluff up our reports, the regulators invariably encourage, nay, demand that we do so.

 

[Pittsburgh Pete]

Austrailia...i hear

There are places where an appraisers OPINION is respected and they don't need the 'fluff'. Does anyone really believe that if we had to go back to typewritten reports that we'd see 30 page reports for $300? Of course not. The computer has not only allowed us to fluff up our reports, the regulators invariably encourage, nay, demand that we do so.

You must have different regulators in your neck of the woods. We don't fluff and have never been asked to fluff--"brevity is the soul of wit." We try hard to prepare concise and precise reports--saving trees as well as clarification requests.

 

[hastalavista]

I voted yes.
It is an SOW issue. All of my reviews I perform for lenders (direct) are restricted-use reports.

Lending institutions are sophisticated users of valuation services. Providing them with a restricted-use appraisal report for a property that they already have in their inventory should not be an issue.

Restricted-use can mean less time expended by the appraiser; but not in the analysis component, only in the communication component- and then sometimes it is a wash.

 

[Terrel L. Shields]

We don't fluff and have never been asked to fluff

How many pages do you include?

The first appraisal I saw had 4 pages, typewritten, polaroid shot (1) on cover letter....about 1990. It was of my own farm - 40 acres, 1 barn, proposed dwelling... are you that short?
I saw one of 12 pages recently. No transmittal, no table of contents, cover letter, etc.
The last residential one I prepared was 30 pages. I would aver that about half is CYA, redundancy, definitions, etc....fluff.

 

[rcsone]

....an USPAP defense in any courtroom will be like stopping flying bullets by swatting them with a straw hat................best to all...........rs