I've run into this a couple of times, where I have a value, but for one reason or another it will take another day to put together items in the report that are not value sensitive. In the past, I've told the client that I can't give a value until the report is complete. Is this correct? Would the fact that I haven't put together my comparable maps and addenda exhibits or signed the written report yet prohibit me from communicating a value? If I can disclose the value before the written report is complete, am I correct to assume that I would be required to disclose the verbal communication as a previous report when I submit the written report the next day?
On a semi-related note, I've also run into situations where I can tell without a doubt from my comps that the value will not come anywhere close to the purchase price well before completion of the report. Am I allowed to call the client and communicate this fact, without giving a specific value? I'm thinking that the fact that I would say, "you are not going to be anywhere close to the purchase price", makes it an appraisal because the purchase price is a specific number. Is there any way to do this without it being a standards violation?
