What does a "narrative report" in appraisal include?

A narrative report in appraisal is a comprehensive document that presents the appraiser's analysis and conclusions in a structured and detailed manner. This type of report goes beyond just presenting facts; it involves a thorough examination of the subject property, relevant market data, and the appraiser’s reasoning leading to the final value conclusion.

The narrative report typically includes sections that elaborate on the methodology used, the data sources consulted, and detailed explanations supporting the appraiser's judgments. By including the appraiser’s analysis and conclusions, the narrative report provides a complete picture of how the appraiser reached the final value estimate, making it a valuable tool for stakeholders who may require a deeper understanding of the appraisal process.

In contrast to other aspects, such as a summary of market trends or a checklist of required documents, the core value of a narrative report lies in its detailed exploration of the appraisal findings, which differentiates it as a thorough analytical document in the appraisal field.