USPAP does not specifically use the term, “…from your workfile…”   However, you’ll find your state appraisal board does.  In fact, you’ll find the board uses this phrase a lost.  Given that, let’s spend some time on what the phrase means how we appraisers must comply with it.

“From your workfile” means just that.  Under USPAP’s Standard 1, the appraiser has the ethical obligation to have enough materials, data, analyses, and so forth to support everything.  In this instance, everything means every conclusion, statement of fact, opinion, etc.  A lot of appraisers ask why this is necessary.  To support everything from the data, analyses, and information in the workfile means the appraiser acted objectively.  Each opinion, conclusion, and so forth merits objective, market-based support.  If the market does not support a conclusion, if there is even a hint of subjectivity in a highest and best use or value opinion, then its credibility is fatally flawed.

What about phone messages?  How is it possible to get those from the workfile!  Simple.  When you verify a sale, take notes on that call.  Who?  What? Where? When? Why?  How?  When you have the answers to those questions, you are home free.  Brokers won’t return your phone calls?  Then send an email with this statement, “I know you are busy.  So, if you do not respond to this email, I’ll assume the facts of this transaction are as you noted them in the MLS.”  Then, make sure your workfile has a copy of the deed, mortgage, survey or plat, zoning classification and code, and everything else the County/Parish has on the subject.  This supports your objectivity.

And remember, make sure you have great E&O insurance on your side, as well as a great attorney.