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So what's a Summary Report ? Poll. UWs?

What's in Your Narrative Report?

  • I always do a self-contained report. There is little in the workfile otherwise.

    Votes: 0 0.0%
  • I do Summary reports only. My workfiles are large.

    Votes: 19 42.2%
  • I do some Summary, some Self-contained.

    Votes: 7 15.6%
  • I do restricted reports routinely.

    Votes: 5 11.1%
  • My clients insist I do Restricted or Summary reports to save money.

    Votes: 1 2.2%
  • I title my reports as "Summary" but include most workfile data.

    Votes: 9 20.0%
  • I title my reports "Self-Contained" but have large workfiles

    Votes: 2 4.4%
  • I mix form reports and write narrative text. I page number manually

    Votes: 4 8.9%
  • If it cannot be done on a Form, I ain't doing it.

    Votes: 3 6.7%
  • Gee, what a badly flawed poll this is...

    Votes: 9 20.0%

  • Total voters
    45
  • Poll closed .
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Terrel L. Shields

Thread Starter
Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
What sayth thee? Feel free to mark more than one

Another thread on emailing narratives de-evolved into a discussion about providing the brokers phone number in a report so the UW can verify that you confirmed the sale with those you claim...ok. Question.

If your report is a summary report, why would that be a "requirement"? Secondly, if not a requirement and say it was available on the MLS printout..a printout which is proprietory to the MLS, but you kept it in your workfile.

Does a UW or reviewer have the right to obtain your workfile? Or is that priviledge limited to the client and / or state?

Secondly, just what right does a reviewer have to your files? A UW?

In my opinion, unless the client requests an examination of the workfile I don't believe I have any obligation to provide that to anyone else, except a state regulator. I also believe that they have no right to a copy of any page thereof...they can examine the documents in my office.

A self-contained document by definition contains all the info that is in your file within reason. i suspect that would include the order, the research lists, the analysis, the tax card, the deed or legal, etc. There should be no 'workfile' as a practical matter, outside the report itself.

OTOH, a summary report IMHO needs only provide summarized data. I see no need to provided rejected data, no need to provide MLS printouts, no need to provide endless addenda such as flood maps, soil maps, highway traffic count maps, census maps, etc. except where they directly impact the property. Each comp I use is summarized on a one page (or 2 page depending upon the kind of property) Write up section. The addendum will have a map, sketch, legal, aerial (not always but usually), plat where available, and not much else. I thought that was why they call it a "summary"...Then again I have seen "summary reports" of 100 + pages on pretty common garden variety properties.

I read one old book that even suggested you should create an income map and then cruise the region and label each subdivision according to you perception of the wealth of the respective 'neighborhood'...smacks of redlining and economic racism to me, but then again the author was a white southerner.

What do you do? A self-contained, summary or restricted
 

Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
half time super bowl - clicked the wrong choice. s/be summary with typically 2-6 pages narrative addenda. oops. GO BLUE !
 

PL1957

Senior Member
Joined
Jul 19, 2004
Professional Status
Certified General Appraiser
State
Illinois
A self-contained document by definition contains all the info that is in your file within reason. i suspect that would include the order, the research lists, the analysis, the tax card, the deed or legal, etc. There should be no 'workfile' as a practical matter, outside the report itself.
Can you cite where this definition comes from? I've heard other make similar references, but could never understand where this arose.

According to USPAP, the main difference in reporting requirements between self-contained and summary reports is the difference between "describe" and "summarize". I've never seen anything that says "describe" means that everything I looked at or thought about should be included.
OTOH, a summary report IMHO needs only provide summarized data. I see no need to provided rejected data, no need to provide MLS printouts, no need to provide endless addenda such as flood maps, soil maps, highway traffic count maps, census maps, etc. except where they directly impact the property. Each comp I use is summarized on a one page (or 2 page depending upon the kind of property) Write up section. The addendum will have a map, sketch, legal, aerial (not always but usually), plat where available, and not much else. I thought that was why they call it a "summary"...Then again I have seen "summary reports" of 100 + pages on pretty common garden variety properties.
I see no reason to provide most of those things in a self-contained report either. I would only "describe" the things that were pertinent to my analysis. I don't see any requirements anywhere to tell people what I didn't use.
 

Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
I see no reason to provide most of those things in a self-contained report either. I would only "describe" the things that were pertinent to my analysis. I don't see any requirements anywhere to tell people what I didn't use.

SR 2-2 vii

Not a Requirement, merely suggested.
 

Caligirl

Senior Member
Joined
Jan 27, 2006
Professional Status
Certified General Appraiser
State
California
The differences in reporting standards and workfile descriptions may be related to the interpretation of USPAP and/or expectation of your state board.
 

stefan olafson

Senior Member
Joined
Apr 2, 2003
Professional Status
Certified General Appraiser
State
North Dakota
Terrel, Caligirl has hit it on the head! It's up to interpretation by the individual state boards!

My narrative commercial/agricultural reports are, with the exception of one, all summary in nature. I follow the eleven items in Standard 2-2(b)(i-xi) when completing the reports.

That's when it gets interesting! What the state hired reviewer finds is information summarized in your style, by your standards, to your requirements, based on what and how you learned to appraise. That is juxtaposed against how the reviewer/state agency was taught and/or learned how to appraise. The information I utilize and summarize in an appraisal is based in part on the SOW, in part on the sophistication of the client, and on the requirements of reporting. My summation of the cost, income, or sales comparison approach may be dramatically different from what is expected by the state agency/reviewer, but is it wrong??????

That's the question?
 

fritzvogel

Senior Member
Joined
Dec 16, 2004
Professional Status
Certified Residential Appraiser
State
New York
Super bowl half time....Mike Kennedy, What are you thinking? Grab a drink not the AF site....Commercials were OK, but the game was a HUGE media event. If your that committed , how much would you charge per hour in Albany to testify for another appraiser up against lender "whatever" charges? It seems we all need to cover our backs and have "experts" available in this market. Mine declined 5-12 % but leveled out in January. Can we develop a registry of appraisers willing and able to travel for tesimony? I hate to keep asking my local people, maybe a Regional or National appraiser expert guide would be great.
 

Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
Hey Fritz. GO BIG BLUE!.



Depends on the "whatever" and Personal Review of the alleged incompetence or possibly fraudulent action. Hourly Review Rate and a subsequent Consulting Rate would apply. Worth discussing, gimme a shout.


Suggest you also post the Registry idea in the NEW YORK board.
 
Last edited:

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
A summary report is a "summary" of the data. A self-contained report should contain sufficient data that a user can see the data, see the analyses and be able to see how the appraiser came to the decisions and conclusions.

This is not to say that a "summary" report shouldn't contain sufficient data to support your adjustments and conclusions. The prime example is the summary report where, after the sales adjustments are made, the appraisal makes the statement that "all adjustments are based on the market", and absolutely no other support is given for the adjustments.

As to Question 2, no, the UW/Reviewer, etc is not entitled to your work file. They review the report submitted. Period.

Finally, your work file will always contain data that is not in even a complete, self-contained report. You are going to have stuff you excluded in your analyses, initial work, rejected analyses, etc. You are not going to include these items in the origination appraisal file, but it's still part of the work file.
 

Terrel L. Shields

Thread Starter
Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
Can you cite where this definition comes from?
Allow me to restate.

"The Self-Contained Report should contain all information significant to the solution of the appraisal problem."

OK...and "The reader of the Self-Contained Appraisal Report should expect to find all significant data reported in comprehensive detail."

Those are statements from AO 11. and sure blah blah blah AO's are not USPAP (bullsh*t they aren't.)
Now if the report contains all "significant data" and all "significant information", then it must contain the bulk of your workfile. A copy of the tax card. A copy of the exact legal or survey. Etc. etc. I think you could read it to include every scrap of paper you used to develop a report. It does not say that it need only reference this data, it says the report must CONTAIN it.
 
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