Contract Price

[NC Appraising]

If you are standing on FNMA verbiage, then you should quit at step one, where the lender is required to provide a complete, ratified contract to the appraiser. A document is not a ratified (nor enforceable) purchase agreement without a price.

OK. The contract price was not technically left blank.

A price was said on the contract....the contract price will be the appraised value.

Fueling the flames....

 

[Zoe]

VA won;'t let lender go through without appraiser having copy of contract and analysis of contract. It rhymes with gses. No contract to appraiser? No appraisal. Price vs market value definition is key.

 

[Dublin ohio]

VA won;'t let lender go through without appraiser having copy of contract and analysis of contract. It rhymes with gses. No contract to appraiser? No appraisal. Price vs market value definition is key.

Okay, has nothing to do with the op.

 

[TerryRohrer]

OK. The contract price was not technically left blank.

A price was said on the contract....the contract price will be the appraised value.

Fueling the flames....

Well, that is not a price.

"In most states, in order to be an enforceable contract, a home purchase agreement must be in writing, signed by the buyer and seller, and include the price, the closing date and a clear description of the property,"

Home Purchase Agreement: Legal Terms & Key Considerations - LegalShield

Learn everything about home purchase agreements, who prepares them, key legal terms, contingencies, and how to avoid risks. Get expert real estate insights.

www.legalshield.com

 

[Dublin ohio]

Well, that is not a price.

"In most states, in order to be an enforceable contract, a home purchase agreement must be in writing, signed by the buyer and seller, and include the price, the closing date and a clear description of the property,"

Home Purchase Agreement: Legal Terms & Key Considerations - LegalShield

Learn everything about home purchase agreements, who prepares them, key legal terms, contingencies, and how to avoid risks. Get expert real estate insights.

www.legalshield.com

What is the definition of "price".

 

[Dublin ohio]

What is the definition of "price".

PRICE Definition & Meaning - Black's Law Dictionary

Find the legal definition of PRICE from Black's Law Dictionary, 2nd Edition. The consideration (usually In money) given for the purchase of a thing. It is true that "price" generally means the sum of money which an article is sold...

thelawdictionary.org

 

[J Grant]

That's why you should use different certifications for the first appraisal report when submitted on the URAR. No problems there because you don't intend to generate an XML file with that first submission. "Purpose" and "intended use" are interchangeable terms. How many assignments have you completed for divorce, estate, purchase evaluations, pre-listing purposes, etc. on the URAR prior to the widespread adoption of GP forms? Should we all turn ourselves in to the USPAP & Fannie Mae police for that?

The OP said they have a URAR appraisal, so I am answering with that in mind.

I would not do two appraisals if the lender was my client, I would do one appraisal on the URAR form, state that the parties do not have a contract price because they plan to base it on the appraisal value, and turn it in. If in a week or whatever the lender wants me to add the contract price as a revision, then I would do that and comment on it.

 

[J Grant]

By the way, how is this: "The underwriter must ensure that the appraiser MUST enter the contract price."

any different than this - practically: "The appraiser must enter the contract price."

One is the function of the underwriter
The second is a function of the appraiser.

Seems pretty different since they re two different professionals -

 

[J Grant]

Apparently the disconnect is with understanding English.

To wit: If the instructions were intended for the underwriter, they would say (or similar): "The underwriter is to ensure that the appraiser..."

If the instructions are intended for the appraiser, they say, "The appraiser must". See how there's no mention of what the underwriter needs to do there? That's because it's not intended for the underwriter. It's intended for the appraiser.

Even as I write this, though, I have absolute confidence that you still will not get it. That said, I'm not really writing for your edification, but for someone who might actually believe what you're saying.

Is section B of the selling guide for the lender or the appraiser?

It is for the lender, and underwriting is a function of the lender. That is the context of the example.

 

[Mike Ault]

The OP said they have a URAR appraisal, so I am answering with that in mind.

I would not do two appraisals if the lender was my client, I would do one appraisal on the URAR form, state that the parties do not have a contract price because they plan to base it on the appraisal value, and turn it in. If in a week or whatever the lender wants me to add the contract price as a revision, then I would do that and comment on it.

Yes, once we get past the "can I do it" part, the "how to do it" part quickly devolves into an esoteric debate similar to "how many angels can dance on the head of a pin?".