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  #11  
Old 09-16-2005, 10:29 PM
Otis Key's Avatar
Otis Key Otis Key is offline
 
Join Date: May 2004
Location: Mile High
State: New Mexico
Professional Status: Certified Residential Appraiser
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I don't know why we go through time and again and why more don't just use the search button above...........It's how I found this link:

http://appraisersforum.com/forum/index.php...chase+agreement

It'll solve a whole lot of problems!
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  #12  
Old 09-16-2005, 10:50 PM
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Anthem Anthem is offline
 
Join Date: Mar 2004
Location: Race City, NC
State: North Carolina
Professional Status: Certified Residential Appraiser
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USPAP is very clear that you must report the steps taken to try and obtain the sales contract. You cannot simply state " no sales contract reviewed"

Here is the statement I use if I cannot obtain such contract.

EXTRAORDINARY ASSUMPTION - Sales Contract

A copy of the current agreement of sale was not supplied for analysis. The appraiser requested a copy of the contract upon receipt of the request and has not received such copy as of the date of this report. According to the listing agent there are no seller paid concessions or personal property in the current agreement of sale which is typical in the local market. The appraiser reserves the right to amend this report upon review of purchase contract should terms or conditions be different than information provided.
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  #13  
Old 09-16-2005, 11:13 PM
Mike Boyd Mike Boyd is offline
 
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Location: Santa Rosa, CA
State: California
Professional Status: Certified Residential Appraiser
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I generlly get the contract from the lender. They HAVE to have it to process the loan. Sometimes it is illegible after being faxed a couple times and I will ask one of the agents to fax it to me or leave it at the property. I have heard the phrase, "first time asked........." My response has been "You have led a sheltered life. I will not do the appraisal unless I have it and it will just delay the closing." They have said it is confidential. I tell them I am an agent of the lender and therefore, a party to the transaction. I also demand the Transfer Disclosure Statement which is referred to in the contract. If they balk at that I tell them without it I will make my report subject to my review of a home inspection, a roof inspection and a pest report.

I kinda enjoy putting them in their place and I win every time. It also gives me an excuse if I am running late getting a report out and get to shift blame to the lender and the agent.
  #14  
Old 09-17-2005, 07:09 AM
Chris Colston's Avatar
Chris Colston Chris Colston is offline
 
Join Date: Jul 2003
Location: East Central Florida, Space Coast
State: Florida
Professional Status: Certified Residential Appraiser
Posts: 5,442
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Quote:
Originally posted by Otis Key@Sep 16 2005, 11:29 PM
I don't know why we go through time and again and why more don't just use the search button above...........It's how I found this link:

http://appraisersforum.com/forum/index.php...chase+agreement

It'll solve a whole lot of problems!
>>>Playing MODERATOR for the moment>>>> Because Otis not everyone knows how to use the SEARCH function and not all members check in every every day, like you do. Jerry is probably not aware that we have recently discussed this topic and wouldn't know to do a search. (BTW...this is per Wayne)<<<<<

Now back to the issue at hand. I always attempt to get the purchase agreement from the client whether MB, LO or AMC. I also insist it be the completely signed copy with all addendums. Sometimes the LO or MB only have the copy signed by the buyer. If the client can not provide the copy my next call is to the listing agent. They are the ones who will be getting me into the house. So either the listing agent has to meet me or I have to pick up a key, I make sure they have a copy of the PA with them or included with the key. Afterall, I'm the one holding up their commission (I get paid as soon as I start my car, they don't) if I don't have this information. They are always so eager to come with comps in hand, why not a copy of the PA, too? It seems to work for me. I've only had one real estate broker, and it was recent, too, tell me she had never heard of such a thing before.

This BTW, will become a bigger issue with the new forms.
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  #15  
Old 09-17-2005, 07:33 AM
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Doug Meyer Doug Meyer is offline
 
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Location: Central Indiana
State: Indiana
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Getting the contract from the Broker is 1 thing....but having a signed copy by both buyer and seller is another. I obtain both signatures and all additional addendums before I even start on the report.
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  #16  
Old 09-17-2005, 07:45 AM
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Richard Carlsen Richard Carlsen is offline
 
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Location: Tip of the Mitt: Northern Michigan
State: Michigan
Professional Status: Licensed Appraiser
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We rarely have a problem getting a copy from the broker. Most likely because most of the the brokers know us personally and we maintain a good working relationship with them.

Often the lender will supply a copy that does not have all of the signatures on the purchase agreement. We usually just call the broker and ask for the last page and any addendum's.

If by chance, we do not get what we need, we simply put a statement in the report that a complete copy of the purchase agreement was not provided to or available to the appraiser and therefore, we cannot comment on any unknown terms or conditions.
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  #17  
Old 09-19-2005, 11:15 AM
Jerry Lieb Jerry Lieb is offline
 
Join Date: Aug 2004
Location: Banning, California
State: California
Professional Status: Certified General Appraiser
Posts: 334
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This is to thank everyone who responded to my question regarding getting Contracts.

Preston: Interesting point you bring up about making the lack of a contract an Extraordinary Assumption. In fact, items in the unseen Contract could have a big effect. As an example - and one which a friend of mine actually ran into, the contract stated, "Purchase price includes sellers Lexus parked in garage". Your suggestion is a good one and we may incorporate it into our appraisals.

One of the replies in this string was to just decline the assignment if a contract was not forthcoming. I can understand that position and have taken the same attitude myself on occasion. However, I think that by using the Extraordinary Assumption clause, the appraiser could accept the assignment, while protecting him/her self at the same time.

Doug: We get lots of unsigned contracts, or contracts signed only signed by one party (usually the seller). A phone call generally results in a complete, current copy.
  #18  
Old 09-19-2005, 12:01 PM
Cliff Salisbury Cliff Salisbury is offline
 
Join Date: Jan 2002
Location: Elyria, Ohio 44035
State: Ohio
Professional Status: Retired Appraiser
Posts: 931
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Maybe the real estate agent was telling the truth. It could have been her first sale.
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