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Summary Report

DEFINITION

The most commonly used appraisal report that balances between cost, time, and level of detail. The report typically satisfied the needs of lenders, creditors, and other large institutions that use the report to base their credit funding decisions. This report is typically easy to read and understand even for consumers however detailed enough for real estate professionals.

EXPLANATION

A summary report is a type of appraisal report that provides a snapshot of the most important details of the appraisal. This includes data used to derive at a property value, the process of deriving at the value, and the properties compared to estimate the value. Summary reports are most commonly used by lenders, government agencies, and others to have a streamlined, clear report of the subject property. Government agencies that utilize summary reports include Fannie Mae and Freddie Mac. It is more detailed than a restricted use report; however, the summary report is less detailed than a self-contained report. It summarizes market conditions, opinions, and conclusions.

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