Summary, self-contained

[PhiloFarnsworth]

Can someone give me a practical idea of what the actual difference is between a summary and a self-contained report. A search of this forum pointed to various USPAP definitions whose helpfulness was limited to stating that the difference is that one describes various points of the report, while the other "summarizes" the same points. Kind of useless circular logic.
Also, is an order for a "1004UAD appraisal" presumed to be limited to a summary report unless otherwise stated?
I am asking this as some reporting requirements by some banks seem to be creeping from a summary report into a form that might fairly be described as self contained. Is there anyone who has a practical way that they decide what constitutes a "summary"?

 

[Rich Heyn]

Can someone give me a practical idea of what the actual difference is between a summary and a self-contained report. A search of this forum pointed to various USPAP definitions whose helpfulness was limited to stating that the difference is that one describes various points of the report, while the other "summarizes" the same points. Kind of useless circular logic.
Also, is an order for a "1004UAD appraisal" presumed to be limited to a summary report unless otherwise stated?
I am asking this as some reporting requirements by some banks seem to be creeping from a summary report into a form that might fairly be described as self contained. Is there anyone who has a practical way that they decide what constitutes a "summary"?

The first line on the 1004 form identifies it as a summary report so it seems safe to assume a client asking for that format is asking for a summary report.

If an appraiser prepares a report under the summary reporting option and in the process adds so much commentary that the report might qualify as self-contained, the appraiser may still identify the report as a summary report.

 

[Lost Cause]

Also, is an order for a "1004UAD appraisal" presumed to be limited to a summary report unless otherwise stated?

You will note that the Fannie 1004, on the very first line of the form, identifies itself as a summary report, so it's not a presumption, it's specific.

 

[Mr Rex]

I've always understood that a Self Contained Report basically presents all the data that would typically be in your workfile but not necessarily described or discussed in detail in a Summary report, but may have been considered during development.

 

[Mike Garrett RAA]

Some summary appraisal reports should rightly be classified as "self-contaminated".

Might I suggest you start with Advisory Opinion AO11? I always found this helpful...

Self Contained Appraisal Report is a Narrative

A Summary Appraisal Report is a form report

A Restricted Use Appraisal Report is like a letter to one person.

 

[CANative]

Some summary appraisal reports should rightly be classified as "self-contaminated".

Might I suggest you start with Advisory Opinion AO11? I always found this helpful...

Self Contained Appraisal Report is a Narrative

A Summary Appraisal Report is a form report

A Restricted Use Appraisal Report is like a letter to one person.

Level of detail.


Restricted Use report: State the information
Summary Appraisal report: Summarize the information
Self Contained Appraisal report: Describe the information

 

[Terrel L. Shields]

This is an old, but very good example of a Self-Contained Report...something then known as a "full narrative" report.

This is a sample of what a Summary of a URAR is supposedly...

 

[alex gilbert]

Some summary appraisal reports should rightly be classified as "self-contaminated".

Might I suggest you start with Advisory Opinion AO11? I always found this helpful...

Self Contained Appraisal Report is a Narrative

A Summary Appraisal Report is a form report

A Restricted Use Appraisal Report is like a letter to one person.

This may be a little overly simplified. Many narrative reports are in summary format. I've also seen a couple of form reports that contained so little information or discussion you could make a case they fell to the level of restricted use. Good referral to AO-11. This should answer the OP's questions.

 

[Michael S]

We do a mix of summary and self contained (commercial). For a summary report information on the site and improvements will generally be contained in a single large table taking up about a page. In a self contained there's a smaller table and several pages of description and discussion.

When it comes to the valuation section a summary report will contain a map of the comps, a summary table, an adjustment table and a page or so of discussion/reconciliation. In a self contained there's also discussion of each comp, the adjustments for each comp and more in depth analysis of the final value conclusion with that approach. In both cases there would be a full page write up of each comp in the addendum.

I've seen some appraisers take the "kitchen sink" approach to self contained reports. This means they included everything but the kitchen sink. I saw one where the appraiser included not just a full page write up of a lease comp, but the listing flyer (5-6 pages), and copy of the lease that he obtained (10-15 pages). The report also contained basically the entire zoning code (80-90 pages). The final report was over 700 pages long.

 

[Jo Ann Meyer Stratton]

Another simple way to describe the different reports: very, very, small work file--large self contained report; medium size work file, medium size summary report; very, very large work file and a small size restricted report.