Purchase Contract Issue !!!!

[iEvaluation]

Good day every one, I have a problem with broker regarding purchase agreement, I am reviewing it and there is one section #6 OTHER TERMS: is NOT legible, its hand written, so I cannot understand most of the writing on it. Broker is not willing to provide a legible copy after multiple emails, I did write in appraisal report under contract this (Arms length sale; Appraiser was not able to review purchase agreement due to unreadable handwriting in paragraph 6 of purchase Agreement), please if anyone had this problem before, let me know what I should do or how to get it done properly.

THANKL YOU !!!

 

[Meandering]

Tell your client you need a legible copy.

.

 

[hastalavista]

Question: What is your position in this transaction? Are you a lender (non-appraiser) or are you the appraiser who completed the report?

The appraiser is required to analyze the sales agreement if available during the normal course of business. The appraiser must outline what steps he or she took to do so if the the analysis is not done. For GSE work, the lender is required to provide the appraiser with the sales contract.
Therefore, if you are the appraiser, your recourse is to contact the lender and request a legible copy. The lender should be able to demand that from the brokers and your problem is solved. If the lender does not provide you with a legible copy, then you should document the steps you took to identify the language in section #6 (Other Items). You may not be able to get any answers, Disclose what you did and state how you are therefore proceeding with the contract analysis. You cannot be held accountable for items that are not legible in the contract when you take the appropriate steps to get a legible copy of those items. The accountability of securing the contract falls on the lender.

If you are the lender, my advice is to tell the brokers if they do not provide a fully legible copy of the purchase contract that you are required to provide to the appraiser, you won't make the loan. Problem solved.

Good luck!

 

[iEvaluation]

Question: What is your position in this transaction? Are you a lender (non-appraiser) or are you the appraiser who completed the report?

The appraiser is required to analyze the sales agreement if available during the normal course of business. The appraiser must outline what steps he or she took to do so if the the analysis is not done. For GSE work, the lender is required to provide the appraiser with the sales contract.
Therefore, if you are the appraiser, your recourse is to contact the lender and request a legible copy. The lender should be able to demand that from the brokers and your problem is solved. If the lender does not provide you with a legible copy, then you should document the steps you took to identify the language in section #6 (Other Items). You may not be able to get any answers, Disclose what you did and state how you are therefore proceeding with the contract analysis. You cannot be held accountable for items that are not legible in the contract when you take the appropriate steps to get a legible copy of those items. The accountability of securing the contract falls on the lender.

If you are the lender, my advice is to tell the brokers if they do not provide a fully legible copy of the purchase contract that you are required to provide to the appraiser, you won't make the loan. Problem solved.

Good luck!

Thank very much, yes I am appraiser, and I did let lender to know if I cannot read, I will NOT mark in appraisal report ( I DID ).
Thank You !!!

 

[hastalavista]

Thank very much, yes I am appraiser, and I did let lender to know if I cannot read, I will NOT mark in appraisal report ( I DID ).
Thank You !!!

Given the situation, I think that is a prudent decision (marking "I did not analyze..."). Again (and something you would probably do without the unsolicited advice) when I'm in a situation where I am going to check a box on the form that I know will create review-scrutiny, I
A. Describe the situation
B. State what my reporting options are based on the requirements of the UAD or GSE form protocol
C. State what option I took (I checked "did not analyze")
D. State why I selected the option I did.

If I were faced with your situation, I'd handle that conversation something like this:

I have been provided with a copy of the purchase contract; however, part of that copy is illegible. Specifically, I cannot read Item #6 which discusses other terms.
I have requested a legible copy from my client, Lender X. I have not received a legible copy.
The legible parts of the contract confirm the contract date and the sale price and I have reported them in my appraisal. There were no other significant items noted in the legible part of the contract I was provided.
Since I cannot read what is written in Item #6, I cannot complete the comprehensive analysis that is required by the USPAP. Therefore, I have indicated "did not analyze..." on the form and am explaining the situation herein.
The USPAP requires me to state why the purchase contract was not analyzed and requires me to outline the steps I have taken to analyze the contract. This summary meets that requirement.​

There. Now anyone reading my report knows why the box is checked, what caused that box to be checked, and what I did to try to avoid checking that box. The ball is in the lender's court now.

BTW, I wouldn't be surprised if the lender gets a legible copy and provides it to you. If that happens, I'd be prepared to amend the report and include the contract analysis.

Good luck!

 

[iEvaluation]

Given the situation, I think that is a prudent decision (marking "I did not analyze..."). Again (and something you would probably do without the unsolicited advice) when I'm in a situation where I am going to check a box on the form that I know will create review-scrutiny, I
A. Describe the situation
B. State what my reporting options are based on the requirements of the UAD or GSE form protocol
C. State what option I took (I checked "did not analyze")
D. State why I selected the option I did.

If I were faced with your situation, I'd handle that conversation something like this:

I have been provided with a copy of the purchase contract; however, part of that copy is illegible. Specifically, I cannot read Item #6 which discusses other terms.
I have requested a legible copy from my client, Lender X. I have not received a legible copy.
The legible parts of the contract confirm the contract date and the sale price and I have reported them in my appraisal. There were no other significant items noted in the legible part of the contract I was provided.
Since I cannot read what is written in Item #6, I cannot complete the comprehensive analysis that is required by the USPAP. Therefore, I have indicated "did not analyze..." on the form and am explaining the situation herein.
The USPAP requires me to state why the purchase contract was not analyzed and requires me to outline the steps I have taken to analyze the contract. This summary meets that requirement.​

There. Now anyone reading my report knows why the box is checked, what caused that box to be checked, and what I did to try to avoid checking that box. The ball is in the lender's court now.

BTW, I wouldn't be surprised if the lender gets a legible copy and provides it to you. If that happens, I'd be prepared to amend the report and include the contract analysis.

Good luck!

***************************
THANK YOU !!!
I will do exactly like that in appraisal report now, because before I was email them explaining why, now all this will on report !
THANK YOU ALL OF YOU FOR YOUR HELP !!!!

 

[Noreen]

Tell your client you need a legible copy.

.

Marion's right ( and Denis is so eloquently correct as well), have the lender require or supply the legible copy of the contract, it is required for them to be able to comply with federal lending requirements. No one will fund the loan unless this is fulfilled. I find this type of nonsense childish. Worse case scenario, have the buyer supply a clear copy of the original to their lender, then to you.

 

[iEvaluation]

Marion's right ( and Denis is so eloquently correct as well), have the lender require or supply the legible copy of the contract, it is required for them to be able to comply with federal lending requirements. No one will fund the loan unless this is fulfilled. I find this type of nonsense childish. Worse case scenario, have the buyer supply a clear copy of the original to their lender, then to you.

THANK YOU !!!! I Will !!!!

 

[Meandering]

Marion's right ( and Denis is so eloquently correct as well), have the lender require or supply the legible copy of the contract, it is required for them to be able to comply with federal lending requirements. No one will fund the loan unless this is fulfilled. I find this type of nonsense childish. Worse case scenario, have the buyer supply a clear copy of the original to their lender, then to you.

Actually,

I think the new selling guide did away with the "Lender must provide to the appraiser" section, but lenders don't always keep up with the updates.

Keep telling them it's their problem.
They sure has heck have a legible copy of the contract, or they wouldn't be processing the loan.

.

 

[Tim The Enchanter]

Easier if you can get a readable copy now. If you check did not review,
bet they will provide it later and you'll have to reopen the file and make a revised report.