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2 Contracts - Which Date?

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CindyR

Senior Member
Joined
Oct 26, 2003
Professional Status
Certified Residential Appraiser
State
Arizona
This is a VA purchase appraisal for a new placement of a manufactured home. The buyer has signed a contract to buy a vacant lot in a rural area - not in a manufactured home park or even in a place with a lot of manufactured homes. And the buyer has signed a contract to get a new CAVCO built and delivered and installed. The cavco seller is in no way associated with the individual land seller.

I put 'multiple' in the contract date field and explained that i analyzed 2 different contracts with 2 different dates. Now the lender wants me to correct the report and pick a contract date.

Words of wisdom from my esteemed colleagues please...
 

Dublin ohio

Senior Member
Joined
Mar 20, 2008
Professional Status
Licensed Appraiser
State
Ohio
The old which comes first. The chicken or the egg. I think I would just use the contract date for the vacant lot purchase and explain the additional contract in an addendum. I have done it that way for stick built properties under the same conditions.
 

gregb

Elite Member
Joined
Sep 3, 2011
Professional Status
Certified General Appraiser
State
California
Might as well pick one or the other contract and get it out of the way. Which ever one you pick, expect a stip asking for the alternative contract. :)
 

Tom D

Senior Member
Gold Supporting Member
Joined
May 22, 2015
Professional Status
Certified Residential Appraiser
State
Pennsylvania
i agree with the site. that is what we do with new construction on vacant ground. how the house is delivered or built is not important. however, that is usually all done with 1 contract. with your situation i would go with the ground date, and mention that the house is a different contract date, being a factor built dwelling, right after your first comment. not sure, then extra explain till you fell comfortable after stating it their way.
 
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