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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
    Gold Supporting Member

    Top Poster Of the Month

    935
    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

    271
    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

    107
    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

    323
    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

    107
    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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