SERVICES
Services
Our appraisals provide a qualified opinion of value for many purposes that include:
• Estate settlement (setting new basis of value or for estate taxes)
• Divorce
• Partner dissolution
• Acquisition
• Asset management
• Pre-listing valuation
• Purchase negotiation
• Relocation
• Assessment appeal
• Establishment of collateral for loans
• New or proposed construction
We can provide Retrospective, Current or Prospective opinions of value depending on your needs.
Retrospective
opinions of value are typically needed for purposes of settling an estate, and are often based on the date of death. This type of appraisal requires a high level of expertise, not only in regard to knowledge of property type and market area, but also in relation to the process of establishing value for estate purposes. South Coast Appraisals
has performed numerous appraisals for estate purposes and has the expertise needed to provide appraisals for this use.
Prospective
opinions of value are typically required for properties with proposed construction.
Appraisal Formats / Options
The Uniform Standards of Professional Appraisal Practice
(USPAP)
currently provides guidelines for appraisals to be completed in one of two formats known as: Appraisal Report
or Restricted Appraisal Report. USPAP states that “the essential difference between these two options is in the content and level of information provided. The appropriate reporting option and the level of information necessary in the report are dependent on the intended use and the intended users.”
Generally speaking, an Appraisal Report
must at a minimum summarize
aspects of the property being appraised, the scope of work performed in the appraisal, the information analyzed in the report, the methods and techniques employed in the report and the reasoning that supports the analysis, opinions and conclusions contained in the report.
On the other hand, a
Restricted Appraisal Report
must at a minimum only
state
the information analyzed, methods employed and conclusion of value. However, the appraiser must state a reference to the work file and must, per USPAP guidelines, state in the report “a prominent use restriction that limits the use of the report to the client and warns that the rationale for how the appraiser arrived at the opinions and conclusions set forth in the report may not be understood properly without additional information in the appraiser’s work file.”
Restricted Appraisal Reports
are often requested by clients that do not need the level of detail provided in an Appraisal Report, and by clients that are looking for a
more affordable option. It is emphasized however that USPAP requires the use restriction statement that limits use of the
Restricted Report
to the client.
Restricted Appraisal Reports
have much less content than an
Appraisal Report, although the analysis conducted in reaching the conclusion of value is similar to that of an
Appraisal Report.
In addition to providing Appraisal Reports, South Coast Appraisals
also provides
Appraisal Review
services. As part of the credit approval process, financial institutions are typically required to have appraisal reports reviewed to ensure that they comply with the guidelines set forth in the Interagency Appraisal and Evaluation Guidelines issued by the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (FRB, the Federal Deposit Insurance Corporation (FDIC), the Office of Thrift Supervision (OTS) and the National Credit Union Administration (NCUA) (“the Agencies”). Through the review process, the financial institution should be able to assess the reasonableness of the appraisal, including whether the valuation methods, assumptions and data sources are appropriate and well-supported. South Coast Appraisals
has the expertise and competency to perform Appraisal Review Reports. Although most often required by financial institutions, other users may have the need for an appraisal review, and our firm can provide this service.
