Ferguson Appraisals offers two different appraisal report options. These options are described below:
Restricted Report
Restricted Report Summary
In accordance with USPAP (Uniform Standards of Professional Appraisal Practice) requirements, a restricted appraisal mandates the appraiser to uphold an extensive work file to support the development of a comprehensive narrative report. However, it’s important to note that the restricted report itself provides only limited detail. Without supplementary information contained within the appraiser’s work file, it is challenging to fully comprehend the reasoning behind the opinions and conclusions presented in the report. Under the latest USPAP guidelines, the restricted appraisal is permissible for sharing with the client and specified intended users who are explicitly named within the report.
Unless specifically requested prior to engagement, restricted appraisal reports conducted by Ferguson Appraisals do not incorporate adjustment grids and the corresponding support for adjustments. This report format primarily serves the purpose of offering a precise market value opinion and is not intended for federal financing purposes. Despite its limited detail in the report itself, this report type undergoes the same rigorous research process as a full narrative appraisal, resulting in an equally accurate valuation. Furthermore, due to the time saved in explanation and report writing, the fee for a restricted appraisal is more cost-effective than that of a full narrative appraisal.
Restricted Report Length
Typically spanning 50 to 100 pages in length, the restricted appraisal will encompass the utilization of all pertinent and necessary approaches to value.
Appraisal Report
Appraisal Report Summary
In accordance with USPAP (Uniform Standards of Professional Appraisal Practice) requirements, an Appraisal Report (Narrative) must at a minimum, summarize information sufficiently to identify the real estate involved in the appraisal, including the physical, legal, and economic property characteristics relevant to the assignment.
The content and depth of detail in Ferguson Appraisals’ Appraisal Reports are tailored to match the specific requirements dictated by the report’s intended purpose, scope of work, property type, and the extent of analysis deemed essential. Our appraisal reports encompass comprehensive valuation support, which includes adjustment grids, comprehensive explanations, and exhaustive analyses presented directly within the appraisal report.
The majority of these reports are compiled to meet a self-contained level, which was previously the most comprehensive appraisal option available. It is important to note that this self-contained level of reporting is the most frequently requested option by lenders and legal professionals. Additionally, it is the prevalent choice for purposes related to estate settlement and litigation.
Appraisal Report Length
In terms of length, these reports typically span between 90 to 200 pages, showcasing the extensive depth of analysis and information provided. Within these reports, I employ a comprehensive range of appropriate and necessary approaches to value to ensure the utmost accuracy and credibility.
Samples of both report types are available upon request.