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One Page Narrative

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Laughing Heir

Thread Starter
Senior Member
Joined
Oct 16, 2007
Professional Status
Certified General Appraiser
State
Pennsylvania
A local bank has begun requesting a one page narrative, basically a letterhead reporting the opinion of market value, in lieu of a 2055 form or our comparable narrative.

My understanding of Std 2 is that any appraisal signed by the appraiser must contain a signed certification; doing a line by line of Std 2 it does not seem possible to satisfy both our client and the USPAP.

Heck, our addendum detailing the extent of my professional assistance to the Appraiser is over a page in length.

Any feedback is greatly appreciated.
 

Caligirl

Senior Member
Joined
Jan 27, 2006
Professional Status
Certified General Appraiser
State
California
That sounds like the old 'letter of opinion'. There is no 'length requirements' for Restricted Use Reports; however, they must contain everything USPAP requires. If the assignment is for lending purposes the Restricted Use Report is not appropriate.
 

leelansford

Elite Member
Joined
Mar 29, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
A local bank has begun requesting a one page narrative, basically a letterhead reporting the opinion of market value, in lieu of a 2055 form or our comparable narrative.

My understanding of Std 2 is that any appraisal signed by the appraiser must contain a signed certification; doing a line by line of Std 2 it does not seem possible to satisfy both our client and the USPAP.

Heck, our addendum detailing the extent of my professional assistance to the Appraiser is over a page in length.

Any feedback is greatly appreciated.


If you understand Standard 2, you understand what is required of you.

Next step: Educate your client.
 

George Hatch

Elite Member
Gold Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
California
You already know there are minimum reporting requirements and you already know where to find them. That makes you right and them wrong. Stick to your guns. You may not need to do a 2055 but a 1-page letter format most likely won't fit all the minimums either.
 

timd354

Elite Member
Joined
Jan 11, 2008
Professional Status
Certified Residential Appraiser
State
Maryland
A local bank has begun requesting a one page narrative, basically a letterhead reporting the opinion of market value, in lieu of a 2055 form or our comparable narrative.

My understanding of Std 2 is that any appraisal signed by the appraiser must contain a signed certification; doing a line by line of Std 2 it does not seem possible to satisfy both our client and the USPAP.

Heck, our addendum detailing the extent of my professional assistance to the Appraiser is over a page in length.

Any feedback is greatly appreciated.

I suppose you could fit the signed certification and a narrative report on one page if you used teeny tiny print.
:rof::rof::rof:
 

Riick

Elite Member
Joined
Aug 14, 2007
Professional Status
Certified Residential Appraiser
State
Delaware
I suppose you could fit the signed certification and a narrative report on one page if you used teeny tiny print.
That's why they make paper with two sides. < smile >
Certification, etc. can probably go on reverse.
Alternatively, you might give the client a copy of your cert., and other boilerplate, and include it in the report by reference.
I might be wrong, but see no intrinsic reason why there would be any violation of USPAP doing it that way.
 

Laughing Heir

Thread Starter
Senior Member
Joined
Oct 16, 2007
Professional Status
Certified General Appraiser
State
Pennsylvania
Thanks to all for your opinions and advice.

Caligirl, that is exactly what they are looking for - a limited, restricted use report. I don't feel really good about sending the emperor out there without any clothes on, I think I'll stick with our narrative exterior form and do it in teeny tiny font like Tim suggested, LoL.

They sent us an example of what they're looking for, a prior report from another local firm - it certainly is not USPAP compliant. The problem, as I see it, is that the other appraiser(s) have continually delivered reports that are not compliant and in turn have caused the client to not know what the difference is.

I'll report back after we reinvent the wheel.

Thanks again!
 

Calvin the Airedale

Elite Member
Gold Supporting Member
Joined
Aug 17, 2004
Professional Status
Certified General Appraiser
State
Ohio
Try printing in single line spacing, edge to edge margins, James Joyce stream of consciouness & lack of punctuation, e.e. cummings capitalization, and two point fonts!

PS. You might also try writing in Johnny Weismueller's Tarzan style dialog.
 

Em Tee

Senior Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
California
Heck, our addendum detailing the extent of my professional assistance to the Appraiser is over a page in length.

:Eyecrazy: REALLY??? An entire page explaining your assistance?

Try this:


suc·cinct Pronunciation: \(ˌ)sək-ˈsiŋ(k)t, sə-ˈsiŋ(k)t\ Function: adjective Etymology: Middle English, from Latin succinctus having one's clothes gathered up by a belt, tightly wrapped, concise, from sub- + cinctus, past participle of cingere to gird — more at cincture Date: 15th century 1archaic a: being girded b: close-fitting
2: marked by compact precise expression without wasted words
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
Thanks to all for your opinions and advice.

Caligirl, that is exactly what they are looking for - a limited, restricted use report. I don't feel really good about sending the emperor out there without any clothes on, I think I'll stick with our narrative exterior form and do it in teeny tiny font like Tim suggested, LoL.

They sent us an example of what they're looking for, a prior report from another local firm - it certainly is not USPAP compliant. The problem, as I see it, is that the other appraiser(s) have continually delivered reports that are not compliant and in turn have caused the client to not know what the difference is.

I'll report back after we reinvent the wheel.

Thanks again!
I'm looking forward to what happens!
 
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