Letter of Transmittal

[Richard Carlsen]

Used to put them in all reports.

Now, sophisticated users, who know where the information is that they want and need is located within the report, don't get one. They get just the report and a separate invoice.

For private valuations of any kind, I put in a letter of transmittal with a short summary of the assignment and the value conclusions of the report.

 

[Vegan702]

Interesting, was this something that dwindled down from the commercial side to the residential and then went away on the residential side altogether? As I have never seen a LOT in 3 offices I worked in or in any report I have reviewed.

I always wondered why people put in all the extra stuff like USPAP addendums, Summary of Salient Features, etc., etc., etc. Seems like fluff to me. There have been some reports where they had more fluff in it then the actual 6 pages of the URAR. It would be a 35 page report with 6 pages of the URAR, map, plat map, sketch, 1 pg of sub. pics and 1 pg of comp pics and there rest was every kind of addendum page I think they could find to include.

 

[Mike Boyd]

Interesting, was this something that dwindled down from the commercial side to the residential and then went away on the residential side altogether? As I have never seen a LOT in 3 offices I worked in or in any report I have reviewed.

I always wondered why people put in all the extra stuff like USPAP addendums, Summary of Salient Features, etc., etc., etc. Seems like fluff to me. There have been some reports where they had more fluff in it then the actual 6 pages of the URAR. It would be a 35 page report with 6 pages of the URAR, map, plat map, sketch, 1 pg of sub. pics and 1 pg of comp pics and there rest was every kind of addendum page I think they could find to include.

Over-kill. Makes you wonder what they are trying to hide. I think LOTs are a carryover from narrative reports.

 

[Lawrence R.]

I send a LOT on every deal. Never thought much about it, my suprers did it, so I do it. Maybe I will start leaving it out.

I do hate reports with as much disclaimer and addenda that the report is rendered impotent. Tend to want to comment on that upon review, but usually don't.

 

[Michigan CG]

Depends on what one would call fluff. In commercial I was, and am still being, taught by an older appraiser who started in 1970. I have seen some very old reports and they look very similar to today's reports. That is "the way it has always been done".

As for residential, I enclose copies of assessor records, MLS sheets and other information pertinent to the report. It gives the reader the sources of my information, if the report were to be reviewed by someone not having my MLS the information is there for them.

If there is a question about anything a few months from now, all the information is there in my original report.

 

[Atlanta CG]

Heck, what's the problem? The software automatically spits it out and we email it, so why not include it? It is like hearing the Star Spangled Banner before every sports event - it sets the tone.
Or am I showing my age?

 

[Vegan702]

Depends on what one would call fluff. In commercial I was, and am still being, taught by an older appraiser who started in 1970. I have seen some very old reports and they look very similar to today's reports. That is "the way it has always been done".

As for residential, I enclose copies of assessor records, MLS sheets and other information pertinent to the report. It gives the reader the sources of my information, if the report were to be reviewed by someone not having my MLS the information is there for them.

If there is a question about anything a few months from now, all the information is there in my original report.

Really? My reports are very lean. Title page, TOC, URAR, 1 page addenda sometimes explaining stuff I couldn't fit into the blank section on pg 3 or under the summary of sales comparison, location map, plat map, sketch, subject photos, comp photos and license. I reference MLS numbers in my report so if it is reveiwed they have the number, it is on their own to get the actual MLS information and also reference doc #'s but I don't put any printouts in the report.

 

[Michigan CG]

Really? My reports are very lean. Title page, TOC??????, URAR, 1 page addenda sometimes explaining stuff I couldn't fit into the blank section on pg 3 or under the summary of sales comparison, location map, plat map, sketch, subject photos, comp photos and license. I reference MLS numbers in my report so if it is reveiwed they have the number, it is on their own to get the actual MLS information and also reference doc #'s but I don't put any printouts in the report.

Title page
URAR
Addenda if Additional comments section isn't big enough
6 exterior subject photos
6-12 interior subject photos
Comp pics
Interior comp pics when I can pull off the MLS
Assessor cards
MLS Printouts
map
Flood Map
Sketch
Sometimes other stuff, (did a house that abutted a golf course, wanted to include golf course layout in reference to the house but i forgot).

 

[Vegan702]

Title page
URAR
Addenda if Additional comments section isn't big enough
6 exterior subject photos
6-12 interior subject photos
Comp pics
Interior comp pics when I can pull off the MLS
Assessor cards
MLS Printouts
map
Flood Map
Sketch
Sometimes other stuff, (did a house that abutted a golf course, wanted to include golf course layout in reference to the house but i forgot).

TOC = Table of Contents

I started using this page so that whoever is in receipt of my appraisal knows exactly what pages should be there and so someone couldn't pull an offending page out if they wanted to. Although I guess they could just pull the TOC page out and they would never know. But whatever.

 

[Richard Carlsen]

Here's my typical order of the pages I use in a report. This particular report was done for a FHA reverse mortgage on a house located on high quality river frontage. Report totaled 18 pages. This arrangement has worked well for me for a number of years, providing what I consider a logical flow to the report making it easily readable.



Cover Page
Assignment, Resume & License
Table of Contents
URAR
Additional Comparables 4-6
Location Map
Building Sketch (Page - 1)
Exterior Photos (6 photos)
Interior Photos (6 photos)
Comparable Photos 1-3
Comparable Photos 4-6