Letter of Transmittal

[Laura Harper]

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

Mine goes something like this:

Title page
Letter of Transmittal
Table of Contents
URAR
Addendum
Sketch
Location Map
Flood Map--Because it was a really cool add on
Subject photos
Subject interior photos
Comp photos
License
Invoice

If it's Countrywide it ends with the Landsafe Review sheet, which is just another annoying fill in the box with information you've already provided in the report thing so that we don't actually have to look at your report.

 

[DWiley]

Our client surveys tell us that most clients prefer a skinny report.

With the move to emailing appraisal reports client attitudes seemed to have changed (at least for most of the clients we work with). Now that they have to print it if they want a hard copy, they want as lean a report as possible.

For a mortgage client we do not include a letter of transmittal. No TOC. The only "extra" I typically send is interior photos of the subject.

DW

 

[DH Wilson]

Ours is formatted :

Invoice - get the money 1st
Title Page
Letter of Transmittal
URAR
text addendum
text extra addendum - disclosures
subject photos
interior photos
comp photos
sketch
dim list
location map
aerial map
flood map
license page
anything lender specific

 

[xm39hnu]

Danny's observations are well taken.
When my wife first started appraising, her boss delivered his reports with a legal backing and a title page. Looked very professional. I went with her one day to deliver a report to a local bank. She handed it to the LO, and started into a conversation with one of the bank officers. I watched the LO rip off the legal backing and title page; she then sorted through the report ripping out pages she didn't need. Report was about half the delivered size when she got finished.

My reports are similar to Danny's. No LOT or TOC, and maps/surveys only when necessary to explain something about the site. Flood map if there's doubt about the subject's not being in a flood zone. I've been thinking about doing away with the title page, but I can't bring myself to do it.

 

[Joker]

I have had the same experience, Jim. I used to include those legal backings until I saw someone rip it off. I then proceeded with a series of client surveys to find out what the client wanted and needed in terms of a report. Things have changed even further because at that time no one wanted an emailed report. They wanted hand delivered reports. Now all residential clients want emailed reports and about 30% of the commercial clients do. I can't get those other 70% to use their own paper. They like the bound books, I guess.

I suggest everyone poll their clients to find out what they want/need/expect. If you don't deliver it, someone else will.

 

[Brad Ellis]

Fred,

Absolutely not required.

In fact, most of these do not reference the number of pages in the report- the software generated ones anyway. An old AI instructor of mine once said in calss that he thought it was aq bad idea to include them because some clients just took out that one page and used it and sent it around, etc. Hard to underswtand an appraisal report without the guts.

And Danny Wiley offers some truly sage advice on interior photos- realy good to take and include them whenever possible. If that loan gos bad two years later and there is damage (say from a recently leaking roof) the appraiser has protection he/she would not have without them.

I once even avoided a lawsuit over condition because I had them.

Brad

 

[Laura Harper]

Fred,

Absolutely not required.

In fact, most of these do not reference the number of pages in the report- the software generated ones anyway. An old AI instructor of mine once said in calss that he thought it was aq bad idea to include them because some clients just took out that one page and used it and sent it around, etc. Hard to underswtand an appraisal report without the guts.

And Danny Wiley offers some truly sage advice on interior photos- realy good to take and include them whenever possible. If that loan gos bad two years later and there is damage (say from a recently leaking roof) the appraiser has protection he/she would not have without them.

I once even avoided a lawsuit over condition because I had them.

Brad

Going one step further on photographs, I always make sure to include a shot of my car in the street and exterior photograph. We once had a homeowner claim I never showed up as a way to wiggle out. I was able to prove it with that photograph and a copy of my registration. I had never much thought about it before that day, but I do it all the time now.

 

[Scott Kibler]

Fred,

An old AI instructor of mine once said in calss that he thought it was aq bad idea to include them because some clients just took out that one page and used it and sent it around, etc. Hard to underswtand an appraisal report without the guts.

My take on the LOT. I've never included them for mortgage clients.

 

[Vegan702]

Going one step further on photographs, I always make sure to include a shot of my car in the street and exterior photograph. We once had a homeowner claim I never showed up as a way to wiggle out. I was able to prove it with that photograph and a copy of my registration. I had never much thought about it before that day, but I do it all the time now.

I also do this when I think about it with parking the car in front of the house. Funny as when I was being trained my mentor hated that I always had my car in the picture. Most times that is where the only parking space was, but after awhile it just became habit to park in front of the house. And in bad neighborhoods the car is parked for a fast getaway.

I also include a interior picture of every room in the house, always 4 sides of the house and pictures of any other items that add or take away from value such as pools, bbq's or damaged items. I average 12 interior/exterior pictures in my reports.

 

[Michigan CG]

Going one step further on photographs, I always make sure to include a shot of my car in the street and exterior photograph. We once had a homeowner claim I never showed up as a way to wiggle out. I was able to prove it with that photograph and a copy of my registration. I had never much thought about it before that day, but I do it all the time now.

Absolutely, and most of the time a little portion of a green minivan gets in my comp pics too. Reading my reports you would think everyone in Iowa dirves a green minivan.