Minimum Scope Appraisal Report
The Minimum Scope Appraisal is a proprietary short narrative report that A Quality Appraisal, LLC developed to be less costly for our clients and remain USPAP compliant. Minimum Scope Appraisals are useful in situations where the client just needs to know the value of their home, but does not need or want a more detailed appraisal similar to the more complex form style appraisals (Full Appraisal) used for conventional lending.
Minimum Scope Appraisals are applicable for helping to set a list price, helping negotiate a purchase, or financial planning. Minimum Scope appraisals are not typically used for divorces, estates, or taxes, but can be used in these situations for a preliminary value to decide what step to take next. At the deaccession of the appraiser, Minimum Scope Appraisals may not be applicable on unique or complex properties.
With every Minimum Scope Appraisal, the client must understand that this is a streamlined product that often produces the same results as a more detailed analysis, but sometimes does not. With less research and analysis, sometimes comes a different result. If the client upgrades to a more detailed appraisal, the value opinion could be different. Also, often the Minimum Scope Appraisal is restricted to just one intended user and how the appraiser arrived at the opinions and conclusions set forth may not be understood properly without additional information in the appraiser's workfile.
Here is a table that compares a Full Appraisal and our Minimum Scope Appraisal.
Here is a link to a related blog post for more information about the Minimum Scope Appraisal Report and scope of work in general.
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