A variety of appraisal reports are available to meet your individual needs and purposes. We will gladly make recommendations as to which report would best serve your needs. The three most widely used appraisals are:
Restricted Use Report
Definition: The restricted use report is the briefest written appraisal report that can be prepared in conformance with the Uniform Standards of Professional Appraisal Practice. One distinguishing feature of a restricted use report is that it provides no information about how the market value (called the value conclusion) of your property was determined. It is simply a bottom-line indication of the value of your property.
Intent: This report is intended for a single use and user... you. As such, this report cannot be copied, reprinted, or transferred to any other user than the yourself.
Purpose: Typically, this report is prepared for the purpose of listing real estate for sale, or establishing a value for accounting or estate planning purposes. Lenders usually require one of the other two report formats; however, they may use this report when the market value is expected to be below a certain level, or when loan to value ratios permit.
Summary Report
Definition: A summary report offers more detailed information than a restricted use report, but less than a self-contained report. It provides "summaries" (thus the name) of market conditions as well as analysis, opinions, and conclusions.
Intent: The summary appraisal report is appropriate when you need to see the analysis performed in addition to the value conclusion. The summary report includes the three typical approaches to value: cost, sales comparison, and income capitalization in a format that is easy to follow and understand.
Purpose: The summary report may be used for presentation to lending institutions, for estate planning, or to fill other accounting needs.
Self-Contained Report
Definition: A more detail-oriented report that offers both the value conclusion and full analysis. The self-contained report includes a detailed area and neighborhood analysis, market conditions analysis, and complete description of the property in addition to expanded analysis sections for each of the three approaches to value.
Intent: Being the most detailed of the three appraisals, this report would be readily accepted by attorneys, lenders, CPAs or accountants, estate planners or other financial or real estate professionals.
Purpose: Can fill any appraisal need.
Figg Appraisal Group | 3323 S. Eden Drive, Bloomington, IN 47401
P: 812.331.7700 | F: 812.330.8000
