Vestor Realty Consultants prepares appraisal reports based on the client’s needs in terms of timing, cost, the purpose of the appraisal and the most relevant report format. We provide the following USPAP-compliant narrative report types:
• Restricted-use appraisal (least costly, with minimal information)
• Summary appraisal (moderate cost, with adequate information for most cases)
• Self-contained appraisal (most costly, with full documentation only when required)
The scope of work involves consideration of which valuation approaches and techniques are relevant for the property type involved. We discuss the scope of work with the client and consider the intended use and intended users to produce the most cost-effective quality appraisal product. In the final analysis, depending upon intended use, quality generally trumps speed. The appraisal report can be transmitted via email as an Adobe PDF file or can be delivered as a hard copy.
Litigation, arbitration and expert-witness services
Vestor Realty Consultants performs appraisals for litigation or arbitration proceedings, and George M. Baker, President of Vestor Realty Consultants, provides expert-witness testimony on specific properties. A work file for record-keeping purposes typically is prepared prior to any oral or written communication for such purposes. The work file is discoverable by opposing counsel for a deposition or for court testimony. The content of the work file may be provided as a restricted-use appraisal report with back up documentation retained in raw form. The work file is used as a foundation of support for Mr. Baker’s expert-witness testimony.
Appraisal report reviews
Vestor Realty Consultants also reviews existing appraisal reports to ensure USPAP compliance. Depending on the intended use and users, the level of review can run from a basic “desk” type from the office through actual field inspection of the subject property and comparables and verification of comparable data.
Our fees vary widely and typically are quoted based upon the intended use, the scope of work involved, the report type chosen and the time frame for completion. We are pleased to provide client references and/or discuss examples of our appraisal work upon request.