Two appraisals, One report

[Larry Lyke]

My thrust was a bit more simple.

It's easy enough to combine 2 appraisals into one report and collect a commensurate fee, but it one helluva job to take that report apart on the witness stand and[/i] make sense of it.

An appraiser must always be rather strict in doing appraisals for attorneys by asking thoroughly probing questions. Some of these attorneys do an appraisal a year in their business and order an appraisl as if it was a load of dirt to cover a body in their client's backyard!

 

[Doug Walters]

Steve,
This is a fairly common request with estates where the deceased owned multiple properties, or the attorney is doing estate planning with the property owner. Don't read more into it than requested. The attorney may be thinking about a basic narrative report while you are thinking form report. Discuss the details with the client before you proceed to make sure both of you are on the same page.

Your transmittal letter may reference both properties and their total value as the real estate holdings of Mr. X for federal estate tax purposes, gift tax, estate planning, bankruptcy or whatever the reason is. This is a great example of why it is so important to discuss the purpose of the appraisal and identify intended users. It will help you decide the proper reporting format and whether you want to accept or decline the assignment.

Doug

 

[bradellis]

Steve,

No problem. Your properties are across the street from each other. So, your neighborhood and general market data will likley be the same, flood zones (perhaps), etc.

Just do separate valuation opinions for each within the report.

Brad Ellis, IFA,RAA

 

[Terrel L. Shields]

I guess my question is are you trying to do this with forms or as a narrative? I use narratives all the time for multiple properties. I appraised 27 properties from a single portfolio of property within 1 report this year. I have a master section - intro, general info, h & b use, etc.; then a descriptive section that I repeat for each property, finally bundle all the land and improved comps in a write ups section, and last appraise each property with a simple grid system that addresses all three approaches; and exhibits. I write the summary and introduction last.

Much prettier and more professional that stapling 2 URARs together. In fact, the lender called me back and thanked me saying it was the most professional report she had ever seen. And is was much cheaper than individual reports because it took a whole lot less time, less than 1 week for 2 of us. It took more than 8 hours to inspect the properties, luckily several were simple vacant land tracts.

ter