Summary Vs. Self Contained

[David Bodtcher]

I can't figure out what the difference is between a summary appraisal & a self contained. & why would you use one instead of the other?

 

[Scott Kibler]

See AO-11, particularly the chart on page 152 of the 2005 Edition of USPAP.

 

[Lee Lansford]

The difference between a Summary appraisal and a Self-Contained appraisal?

I don't know...maybe 50-100 pages!

 

[Jerry Lieb]

David,

If you are talking about a commercial appraisal - or a residential appraisal other than the usual FNMA form report for loan purposes (such as for court testimony, etc.), I always ask the Client what they will accept and I explain the differences in the various kinds of report options that are available to them - as explained in USPAP.

Commercial lenders are usually happy with a Summary report for smaller properties, but for larger (multi-million dollar) properties they typically want the additional detail that a Self-Contained report provides.

 

[Bob Ipock]

If an appraiser has taken and passed the 15 hour USPAP class and perhaps had even one update class....how could they possibly not know the difference between self-contained, summary and restricted use appraisal reports?


This is basic stuff folks.

 

[Couch Potato]

Originally posted by Bob Ipock@Aug 23 2005, 06:13 PM
If an appraiser has taken and passed the 15 hour USPAP class and perhaps had even one update class....how could they possibly not know the difference between self-contained, summary and restricted use appraisal reports?


This is basic stuff folks.

Apparently some real estate school are better run than others, Bob. Maybe more people should visit Gastonia for education. B)

 

[Bob Ipock]

That information is clearly in the student manual. If any instructor is not covering that stuff they need to be fired.

I tend to believe it may be a sleeping student.....but that would not be fair.

 

[xm72mhd]

Never hurts to explain the basics to one who asks. I hear appraisers who have been at it for years, confused about limited/complete and self contained/summary/restricted. Everybody has to learn it, why not on here?

David, I'd go with Scott. Read that stuff in the AO then diagram it. Note how the required language changes too. One way that works for me is to short cut the definition. A self contained has every scrap of paper, information and thought I had in the process of developing the appraisal included in the report. A summary on the otrher includes only an abstract of information and thoughts and emphasizes the conclusions.

If that doesn't work do what Bob says and sign up for the 15 hr USPAP in person or take the one on-line. You'll have it coming out of your ears when your done. You've got to take it sooner or later anyway and that's where we learned it.

 

[Bob Ipock]

Originally posted by eddgillespie@Aug 23 2005, 06:30 PM
David, I'd go with Scott. Read that stuff in the AO then diagram it. Note how the required language changes too. One way that works for me is to short cut the definition. A self contained has every scrap of paper, information and thought I had in the process of developing the appraisal included in the report. A summary on the otrher includes only an abstract of information and thoughts and emphasizes the conclusions.

That was the correct and politicly correct and kind and gentle answer.


Well done Scott.

 

[David Bodtcher]

If an appraiser has taken and passed the 15 hour USPAP class and perhaps had even one update class....how could they possibly not know the difference between self-contained, summary and restricted use appraisal reports?


This is basic stuff folks.

Watch it, Bob. I asked a question and would appreciate answers, not belittling comments.

I know what's in USPAP, the difference between the 2 in USPAP is the word "describe" in the self contained exchanged for "summarize" in the summary.

I've seen a couple of simple tract residential appraisals come through as self contained rather than summary that looked just like a summary. (I know, most likely checked the wrong box in a appraisal identification form).

So I'm really wondering, how much of a difference is the word describe from summarize? How detailed do you get in your descriptions? And has anyone ever been asked to do one or the other? Are there things you would include about a property in the self contained that you wouldn't in a summary?