The Tax Court held that the commissioner's Summary Appraisal Report
was not an "order" from which appellant was required to appeal under Minn.
(6) In the Summary Appraisal Report
, there are three blank spaces and a large comment box where information concerning conditions of sale and after-sale expenditures can be discussed in narrative form.
Further, the Summary Appraisal Report
is renamed Appraisal Report and the Restricted Use Appraisal Report is renamed Restricted Appraisal Report.
The revised forms that became effective on November 1 for Fannie Mae [January 1, 2006 for Freddie Mac and FHA mortgages] make even more clear that the forms are designed primarily for mortgage lending, both by direct statements on the forms ("The purpose of this summary appraisal report
is to provide the lender/client with an accurate and adequately supported opinion of the market value of the subject property") and in substantive information requested (or not requested) within the form.
The advantages of the new Residential Summary Appraisal Report
include the following:
If there is more than one intended user, a Summary Appraisal Report
is the appropriate choice if brevity is required.
"Some of my friends at Bank of America say they no longer use a complete summary appraisal report
and instead use the 2055 limited desktop underwriter appraisal."
The ASB noted that the proposed revisions were meant to: 1) extend Standard 3 to include all appraisal disciplines (mass appraisals and business valuations are not covered by the current Standard 3); 2) require, if a reviewer includes his or her own opinion of value in a review, that the data supporting the reviewer's opinion be presented in the detail required for a Summary appraisal report
; and 3) remove the requirement that the scope of work in a review match the scope of work in the appraisal under review.
Standards Rule 2-2(c) explains that a Restricted Report differs from a Self-Contained and a Summary Appraisal Report
in detail (less in a Restricted Report) and use restriction.
Second, the ASB states, "When reporting the results of an evaluation that includes a value conclusion, an appraiser would typically use the Summary Appraisal Report
format, as described in Standards Rule 2-2(b).