The process of performing property valuation, most often in conformance with the Uniform Standards of Professional Appraisal Practice “USPAP” are exercised. The Scope of Work rule allows the appraiser and the client to agree on the scope of work to follow so long as the resulting appraisal is credible and not misleading. The USPAP allow appraisals to be reported in three formats:
- Self-Contained
- Summary
- Restricted
Shorter, more concise reports often translate into cost and time savings for the client. However, regardless of the form, the process is without limit on the scope unless agreed upon by the appraiser and client and the investigations and the due diligence utilized in estimating value does not change.
Because of the due diligence required to perform a full-scope appraisal, except under certain circumstances, GRHCo is not economically positioned to provide this service outside our market area (Atlanta MSA and surrounding areas of Georgia). We believe that, in most cases, the client’s full-scope appraisal needs are met by employing the services of a geographically competent appraisal professional.
Exceptions could include:
- When the property is sufficiently large in scope that it has developed a regional or national market, e.g., regional malls or institutional, investment-grade properties;
- When multiple like-kind properties in the same market are packaged together and efficiencies develop; or
- When a client’s need justifies an increased fee to compensate for the inefficiency resulting from traveling outside our market area, e.g., there are no geographically competent appraisers available or the client desires an outside perspective.