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  #1  
Old 10-03-2011, 07:18 PM
lakota lakota is offline
 
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Default Contract description

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
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Old 10-03-2011, 08:26 PM
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Terrel L. Shields Terrel L. Shields is offline
 
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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.
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Old 10-03-2011, 09:24 PM
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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.
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Old 10-03-2011, 09:58 PM
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Quote:
The Subect's sale contract (P&S) supplied to the appraiser was analyzed and presents no unusual characteristics as deemed by this appraiser.
Please note that your P&S, Subject, market, client requirements, and analysis may vary.
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Old 10-04-2011, 06:21 AM
lakota lakota is offline
 
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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  
Old 10-04-2011, 11:47 AM
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It's in USPAP.
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  #7  
Old 10-04-2011, 12:10 PM
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More specifically SR 1-5(a).
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Old 10-04-2011, 01:51 PM
lakota lakota is offline
 
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Default 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  
Old 10-04-2011, 02:10 PM
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Quote:
Originally Posted by Pittsburgh Pete View Post
More specifically SR 1-5(a).
USPAP's guidance on this isn't particularly helpful.
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  #10  
Old 10-05-2011, 08:03 AM
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Quote:
Originally Posted by Peter LeQuire, IFA View Post
USPAP's guidance on this isn't particularly helpful.
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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