Restricted report

[ZZGAMAZZ]

Not quite sure what your scope of work is. Are you being asked to review an existing appraisal? If so, you can provide a restricted report for your client’s eyes only.

If you are being asked to perform an appraisal of the property, then NO to restricted report. Again, according to USPAP, you may provide a restricted report only if the client and intended users have sufficient knowledge to understand your conclusions; something that cannot be assumed for a user that knows nothing about appraising and/or the subject property.

It's possible that this question has been answered for me previously, however: If the appraiser provides the review service that you describe, can he or she also be engaged and a "Witness of Fact," and/or "Expert Witness"? (If so, would the appraiser disclosure the prior review assignment as "previous involvement"?)

 

[DWiley]

In your experience, are lawyers who specialize in maritial dissolution, etc., which often requires real property appraisals, sufficiently familiar with the nuances of the appraisal appointment?

That varies by attorney. That is why I recommend asking the question as I did. I would not ask them whether they wanted/needed a Restricted Report or an Appraisal Report - I would ask them if they only need the final results, or do they need the results along with the analyses that show how the the support/methodology for the results.

For divorce, a simple non-lender form report is usually the best option (mainly because many residential appraisers do not deal with Restricted Reports and may not handle that correctly). For complicated litigation, sometimes they specifically want a Restricted Report for discovery-related reasons.

 

[George Hatch]

Just in general, ALMOST ALL report content requirements are user-driven and specific to their needs. The minimum requirements in SR2 really are minimal. Yes, we are required to cite the intended use, intended user, definition of value being used and such, but none of that is where you spend much of your report writing time/effort.

 

[Elliott]

Attorneys have been known to order two or more appraisals, and then call an appraiser and say, "Thanks for the report, no other service is required and do not disclose any information about the report, do you understand?"

 

[Elliott]

Should the attorney's Letter of Engagement ever be included as an addendum to an appraisal report for marital dissolution?

I wouldn't think of a reason, unless they requested it be included. It would be in the workfile.

 

[Tom4value]

It's possible that this question has been answered for me previously, however: If the appraiser provides the review service that you describe, can he or she also be engaged and a "Witness of Fact," and/or "Expert Witness"? (If so, would the appraiser disclosure the prior review assignment as "previous involvement"?)

Yes, of course.

 

[Mark K]

I've done it both ways, appraisal report and restricted report, depending on the attorney.

Also agree with others re: client and intended user(s). Make it very specific and repeat it often in the report. My client and intended user is always the attorney that hired me and I specifically state that there are no others. I also include something to the effect..." It is understood that others may read or review the report, however, this does not make them a client or an intended user and they are advised not to rely on it..."

 

[Sadie]

With a Restricted Report, if there are any intended users, they must be referred to by name and not by type.

 

[djd09]

more client bias

 

[PushinValue]

Not quite sure what your scope of work is. Are you being asked to review an existing appraisal? If so, you can provide a restricted report for your client’s eyes only.

If you are being asked to perform an appraisal of the property, then NO to restricted report. Again, according to USPAP, you may provide a restricted report only if the client and intended users have sufficient knowledge to understand your conclusions; something that cannot be assumed for a user that knows nothing about appraising and/or the subject property.

I was not asked to review the appraisals, but was given them as reference.

The attorney said there is a court date set and I would have to appear and answer questions from the opposing counsel in regards to my report.


I don’t know if this should be a separate thread, but does anyone have court transcripts or better yet, video of appraisers being questioned ?