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date of contract: offer, acceptance, or closing date?

Discussion in 'Fannie Mae, Freddie Mac, USPAP' started by elvisdumbledore, Feb 19, 2009.

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  1. elvisdumbledore

    elvisdumbledore New Member

    0
    Feb 19, 2009
    Professional Status:
    Certified Residential Appraiser
    State:
    Georgia
    I have spent most of my appraising career performing proposed residential construction appraisals for spec builders, which rarely had sales contracts attached. Since those are few and far between these days I have started branching out to refinance and purchase appraisals. I recently performed an appraisal for the purchase of a home that is currently under contract. The lender asked that I change the "date of contract" to the correct date. I believe that the date I used was the correct one, but I would like to quote the guidelines in my response to the lender and am having trouble finding the appropriate reference. Could someone please point me in the right direction?

    Thanks
     
    Last edited: Feb 19, 2009
  2. RustNeverSleeps

    RustNeverSleeps Junior Member

    0
    May 15, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Texas
    I'm not sure where it is written, or how it works in your state, but in Texas the date of contract for resale properties is the execution date (date receipted with a title company - this is in the contracts). On new construction contracts, the date of contract is stated somewhere (usually the first page and can differ from signing dates) as they use their own contract. Hope that helps...
     
    Last edited: Feb 19, 2009
  3. leelansford

    leelansford Elite Member

    48
    Mar 29, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    The date of the contract is the date when the parties came to a meeting of the minds: the date the offer is accepted and signed by the seller.
     
  4. hglenbetts

    hglenbetts Senior Member

    11
    Dec 3, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Michigan
    I agree with Lee here.

    Written acknowledgment of agreement.
     
  5. VegasWayne

    VegasWayne Senior Member

    18
    Nov 15, 2007
    Professional Status:
    Licensed Appraiser
    State:
    Nevada
    If you used the date on the contract and they say it is wrong, it may be because there is a counter-offer that was not made available to you. Ask your client what the correct date is and where they found it.
     
  6. timd354

    timd354 Elite Member

    109
    Jan 11, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Maryland
    That is exactly correct, though, in the case of a counter offer by the seller, the date of the contract would be the date that the counter offer is accepted and signed by the buyer....the key is there is no contract until their is an offer an acceptance, the date that the acceptance of the offer (or counteroffer) occurs is, in essence, the birth date of a contract.
     
  7. leelansford

    leelansford Elite Member

    48
    Mar 29, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    Yep, you are correct.
     
  8. CSP 49

    CSP 49 Member

    6
    Dec 2, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    Like the others said, the date the last person signs the last change, counter, addendum, etc. making it fully executed.

    Many of our FAR/BAR contracts in FL have a space on the contract giving the date of contract. Not in terms of completing the appraisal, but this is important to get the date right because it starts the clock ticking for many things such as home inspection, WDO inspection, loan application, etc.
     
  9. timd354

    timd354 Elite Member

    109
    Jan 11, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Maryland
    Our standard MAR contract contains a similar space for the date of contract, but the real estate agents often put an incorrect date in this space.
     
  10. Terrel L. Shields

    Terrel L. Shields Elite Member
    Gold Supporting Member

    976
    May 2, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Arkansas
    I use the date of the signatures on the bottom of the contract, i.e.- the last date for "date of contract"

    I use "date of sale" in comps as the deed document date or closing date. After all, they can fall apart and be renegotiated at the closing table on closing day so I don't presume that the date of the "meeting of minds" is a proper measure of the date of the sale and frequently you cannot verify that date without the closing statement.
     
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