Contract description

Discussion in 'Urgent - Help Needed' started by lakota, Oct 3, 2011.

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  1. lakota

    lakota New Member

    0
    Feb 20, 2011
    Professional Status:
    Certified Residential Appraiser
    State:
    New York
    For the past several years, I have included this comment in the contract section of my appraisal when intended for the sale of a home:"There is a current agreement to purchase for $x. This appraiser rec'd and reviewed x pages of the contract on x. The buyer signed the contract on x, the seller on x."

    Now I can't remember where this information came from... does anyone else follow this procedure, or have a reference as to where it comes from? Thanks, Deb
     
  2. Terrel L. Shields

    Terrel L. Shields Elite Member

    43
    May 2, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Arkansas
    I just comment on the O & A... all dates are present, signatures, amendment date (if any) and if any personal property or seller concessions, etc. were present I describe them. I then comment on whether or not I think the contract is at, below or above market.
     
  3. Lee in L.A.

    Lee in L.A. Elite Member

    19
    Jan 24, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    I usually say something like, the contract is the standard CAR 8 page contract. Or a 20 page contract plus addendums, that appears to be a typical builders contract. Then include the terms, dates, etc.

    If I think the contract price is low or high, then my value opinion is going to be different. Those comments go in the addendum. :)
     
  4. AnonApprsr

    AnonApprsr Elite Member

    0
    Jan 21, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Massachusetts
    Please note that your P&S, Subject, market, client requirements, and analysis may vary.
     
  5. lakota

    lakota New Member

    0
    Feb 20, 2011
    Professional Status:
    Certified Residential Appraiser
    State:
    New York
    Thank you...but does anyone know where the reference is located about describing the contract in our appraisal reporting? We've been doing it for a few years, so I know its a long shot to ask if anyone remembers the reference material? Thanks!
     
  6. Smokey Bear

    Smokey Bear Elite Member

    0
    Dec 8, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    California
  7. Pittsburgh Pete

    Pittsburgh Pete Elite Member

    7
    May 6, 2008
    Professional Status:
    Certified General Appraiser
    State:
    Pennsylvania
    More specifically SR 1-5(a).
     
  8. lakota

    lakota New Member

    0
    Feb 20, 2011
    Professional Status:
    Certified Residential Appraiser
    State:
    New York
    got that.

    Thank you for the reference, however, I guess its safe to assume the exact wording that I started this thread with...is not necessary. I am inquiring because I do review work, and it seems no other appraisers state 'what' they reviewed...other than to say 'standard contract'. I thought there was another reference stating that we should report our findings as well....thanks anyway! Deb :)
     
  9. Peter LeQuire

    Peter LeQuire Elite Member

    9
    Jan 3, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    Tennessee
    USPAP's guidance on this isn't particularly helpful.
     
  10. Pittsburgh Pete

    Pittsburgh Pete Elite Member

    7
    May 6, 2008
    Professional Status:
    Certified General Appraiser
    State:
    Pennsylvania
    After re-reading the obtuse and unclear OP, I believe you are correct. Still not sure what the OP meanins by "Now I can't remember where this information came from... " "This information" has no clear referent!
     
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