Real Estate Appraisal Forum

appraisersforum.com logo
The Premiere Online Community for Real Estate Appraisers!
 Fastest Way to Find a Real Estate Appraiser Enter Zip Code:
 
 
Go Back   Appraisers Forum > Real Estate Appraisal Forums > Fannie Mae, Freddie Mac, USPAP
Register Help Our Rules Calendar Archives Mark Forums Read


Closed Thread
 
Thread Tools
  #1  
Old 02-19-2009, 04:58 PM
elvisdumbledore elvisdumbledore is offline
 
Join Date: Feb 2009
State: Georgia
Professional Status: Certified Residential Appraiser
Posts: 9
Default date of contract: offer, acceptance, or closing date?

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 by elvisdumbledore : 02-19-2009 at 06:19 PM. Reason: clarification
Sponsored Links

  #2  
Old 02-19-2009, 05:20 PM
RustNeverSleeps's Avatar
RustNeverSleeps RustNeverSleeps is offline
 
Join Date: May 2007
Location: Earth
State: Texas
Professional Status: Certified Residential Appraiser
Posts: 359
Default

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 by RustNeverSleeps : 02-19-2009 at 05:23 PM. Reason: clarification
  #3  
Old 02-19-2009, 06:48 PM
leelansford leelansford is offline
 
Join Date: Mar 2002
State: Illinois
Professional Status: Certified Residential Appraiser
Posts: 13,634
Default

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.
__________________
Lee Lansford, IFA
"My opinions & my opinions only!"
  #4  
Old 02-19-2009, 07:09 PM
hglenbetts's Avatar
hglenbetts hglenbetts is offline
 
Join Date: Dec 2007
Location: Milford, Mi (SE Mich)
State: Michigan
Professional Status: Certified Residential Appraiser
Posts: 1,741
Default

Quote:
Originally Posted by leelansford View Post
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.
I agree with Lee here.

Written acknowledgment of agreement.
__________________
“There’s only one country that guarantees, in writing, your right to pursue happiness”… Tony Soprano
  #5  
Old 02-19-2009, 07:19 PM
VegasWayne's Avatar
VegasWayne VegasWayne is online now
 
Join Date: Nov 2007
Location: Area 24
State: Nevada
Professional Status: Licensed Appraiser
Posts: 2,191
Default

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  
Old 02-19-2009, 08:09 PM
timd354's Avatar
timd354 timd354 is offline
 
Join Date: Jan 2008
Location: Baltimore-Washington Metro Area
State: Maryland
Professional Status: Certified Residential Appraiser
Posts: 4,797
Default

Quote:
Originally Posted by leelansford View Post
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.
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.
__________________
This post solely represents my personal opinion which may not reflect the policies of my employer
  #7  
Old 02-19-2009, 08:36 PM
leelansford leelansford is offline
 
Join Date: Mar 2002
State: Illinois
Professional Status: Certified Residential Appraiser
Posts: 13,634
Default

Quote:
Originally Posted by timd354 View Post
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.
Yep, you are correct.
__________________
Lee Lansford, IFA
"My opinions & my opinions only!"
  #8  
Old 02-19-2009, 09:15 PM
CSP 49 CSP 49 is offline
 
Join Date: Dec 2008
State: Florida
Professional Status: Certified Residential Appraiser
Posts: 554
Default

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  
Old 02-19-2009, 09:42 PM
timd354's Avatar
timd354 timd354 is offline
 
Join Date: Jan 2008
Location: Baltimore-Washington Metro Area
State: Maryland
Professional Status: Certified Residential Appraiser
Posts: 4,797
Default

Quote:
Originally Posted by CSP 49 View Post
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.
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.
__________________
This post solely represents my personal opinion which may not reflect the policies of my employer
  #10  
Old 02-19-2009, 10:09 PM
Terrel L. Shields's Avatar
Terrel L. Shields Terrel L. Shields is offline
 
Join Date: May 2002
Location: Springtown, AmeRica
State: Arkansas
Professional Status: Certified General Appraiser
Posts: 39,832
Default

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.
__________________
being able to swear at people in their own language does not make you multi-lingual.
Sponsored Links

Closed Thread


Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump




Copyright © 2000-, AppraisersForum.com, All Rights Reserved
     Terms of Use  Privacy Policy
AppraisersForum.com is proudly hosted by the folks at AppraiserSites.com

Fastest Way to Find a Real Estate Appraiser Enter Zip Code:
Partner Sites:
AppraiserUSA.com - National Appraiser Directory AllDomainsUSA.com - Domain Name Registration
DeadbeatListings.com - Deadbeat ListingsAppraiserSites.com - Web Hosting for the Professional Real Estate Appraiser
Find FHA Appraisers - FHA Appraiser Search Commercial Appraisers - Commercial Appraiser Search
Relocation Appraisal - Find Relocation Appraisers Domain Reseller - Business Opportunity
Home Security Buzz - Home Security Info Radon Testing - Radon Gas Info
My Medicare Forum - Medicare Info Stop Smoking Help - Help Quitting Smoking
CordlessPhoneStore.com - Great Cordless Phones AndroidTabletCity.com - Android Tablet Computers

Follow AppraisersForum.com:          Find us on Facebook            Follow us on Twitter


All times are GMT -5. The time now is 07:00 PM.

SiteMap: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46, 47, 48, 49, 50, 51, 52, 53, 54, 55, 56, 57, 58, 59, 60, 61, 62, 63, 64, 65, 66, 67, 68, 69, 70, 71, 72, 73, 74, 75, 76, 77, 78, 79, 80, 81, 82, 83, 84, 85, 86, 87, 88, 89, 90, 91, 92, 93