What are the different types of appraisal products offered?

The client's needs, and the complexity of the assignment, will dictate the level of detail that needs to be included in the analysis and appraisal report. When ordering appraisal services, it is important to determine the of the level of detail needed in the analysis, and the level of detail needed in the report.

There are two options for the analysis - a Complete Appraisal , or a Limited Appraisal . A Complete Appraisal utilizes all of the approaches described above (where applicable) without departing from any USPAP Standards. A Limited Appraisal will typically eliminate one or more of those approaches to value. Although the level of analysis is reduced in a Limited Appraisal, the client benefits from a reduced cost.

There are three reporting options that are outlined by USPAP: The most thorough report is the Self-Contained Report . This report contains a thorough discussion of the appraisers analyses as well as all of the supporting documentation that the appraiser utilized in the development of the appraisal.

The second reporting option is the Summary Report . As the name suggests, this report summarizes the data and analysis. While not as detailed as the self-contained report, it does illustrate to the reader how the appraiser developed his/her opinion of value.

The third reporting option is the Restricted Use Report . This report is intended to be read solely by the client, as there is virtually no discussion of the analysis. When this report is utilized, the client is knowledgeable of the property and does not require a thorough description. Furthermore, the client and appraiser have agreed upon the scope of the analysis, so there will be virtually no discussion presented in the appraisal report.

Please feel free to contact someone on our appraisal staff at (316) 262-0000 or appraisal@martenscos.com to discuss which appraisal product is right for your needs.