Types of Report Formats
Not only can the report format determine the type of usage, but it can also affect the appraisal fee.
Self-contained Appraisal Report
Sometimes also known as a narrative report, a self-contained report is the most elaborate format among the 3.
It contains the most accurate information and depth on how the estimated market value of a property is determined.
This type of report is often a requirement for lenders to assess mortgage applications.
Unlike the self-contained report, a summary report just provides the gist of the findings from the appraisal.
However, many lenders are known to accept summary reports as well.
This might be due to how credible and trustworthy an appraisal company is in the eyes of the lender.
This is the shortest format and is usually meant for internal use.They are not accepted as an accurate appraisal reports when dealing with third parties.
Finally, remember to be frank about using the required report when ordering one from an appraiser. Otherwise, you might end up with an appraisal report that serves a different purpose.