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Commercial Estate Appraisal Report Format

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Donald Burns

Thread Starter
Freshman Member
Joined
Apr 20, 2006
Professional Status
Licensed Appraiser
State
Georgia
An out-of-state attorney contacted me regarding an estate appraisal. To keep cost down he is asking for a Restricted Use report. An appraiser in another state has already sold him on this idea for a property located there. I have doubts that this is appropriate or that the IRS would accept it. The estate appraisal I have done in the past were narrative reports.

Does anyone have any thoughts or guidance on this?

Thanks much...
 

PL1957

Senior Member
Joined
Jul 19, 2004
Professional Status
Certified General Appraiser
State
Illinois
An out-of-state attorney contacted me regarding an estate appraisal. To keep cost down he is asking for a Restricted Use report. An appraiser in another state has already sold him on this idea for a property located there. I have doubts that this is appropriate or that the IRS would accept it. The estate appraisal I have done in the past were narrative reports.

Does anyone have any thoughts or guidance on this?

Thanks much...
Read the IRS's requirements. They're pretty clear
 

Abester

Senior Member
Joined
Jun 12, 2003
Professional Status
Certified General Appraiser
State
Florida
To keep cost down he is asking for a Restricted Use report

The lion's share of the cost of the appraisal is the development of the opinion, not the report writing. Do not let the attorney dictate your fees.
 

Caligirl

Senior Member
Joined
Jan 27, 2006
Professional Status
Certified General Appraiser
State
California
To keep cost down he is asking for a Restricted Use report.

Do not-I repeat-do not fall into this trap until you know exactly who the user is and what the report is for, and you have determined that the Restricted Use format is appropriate.

As Abester pointed out, a Restricted Use report differs only from a Summary or Self-Contained report in the reporting style; the appraisal analysis and research are the same *for all three* and you should be able to create a Summary Report using the workfile for the Restricted Use report.
 
Last edited:

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
This could be a chance to earn two fees... one now, and one later when he comes back asking for a summary. :icon_lol:
 
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