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Advice With Names On Contract?

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berad

Freshman Member
Joined
Jan 20, 2010
Professional Status
Certified Residential Appraiser
State
Florida
I just received a request to remove one of the Buyers names listed on the Subject contract from the appraisal. I replied and asked them for an addendum to verify this since the copy of contract I have lists 2 Buyers and is signed by both. I then received this reply the AMC. "Contract indicates that both parties are to be listed as Owners of the property (both will be on title), but that does not necessarily mean that both will be on the loan. Lender stated, "XXXXX is the only borrower. YYYYY is on the contract and on title only (not a borrower).". There is no need for an addendum to the sales contract". Am I not supposed to indicate exactly who is listed and signed the contract?
 

Mr Rex

Elite Member
Joined
Jan 12, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
You can list both names in the contract analysis section if that floats your boat but the borrower is identified by the lender. Fairly common, one of the parties has better credit than the other and meets the income requirements etc.
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
The borrower is the borrower, ie. - "Subject". The people signing the contract are not germane to the "borrower" but are the Buyer. Does your URAR form call any field "Subject"? I don't use forms anymore but "borrower" was in the old form I used.

One of them likely has bad credit and so it has to be in the name of the one with good credit.
 

Fernando

Elite Member
Joined
Nov 7, 2016
Professional Status
Certified Residential Appraiser
State
California
I just hate it. More typing as usual with purchases. You have to explain the situation in the report.
 

glenn walker

Elite Member
Joined
Oct 11, 2006
Professional Status
Certified Residential Appraiser
State
California
The lender AMC is correct the borrower can be me XXXX but I can have my others on title .
 

bnmappraisal

Elite Member
Gold Supporting Member
Joined
Nov 9, 2011
Professional Status
Certified Residential Appraiser
State
Florida
This happened with me when we were buying our house a few years ago. My wife had the "steady 9-5 income" and I had just started my own company. She was the borrower on the loan but we both show up as owners on public record
 

Vermonter

Senior Member
Joined
Mar 21, 2007
Professional Status
Certified Residential Appraiser
State
Vermont
AMC is correct.

When my wife and I bought our first house, she didn't have a long enough credit history. It was actually easier for me to get the loan solely in my name than it was for a joint loan with her on it. She was on the deed, but not on the loan.
 

apt20

Junior Member
Joined
Oct 10, 2012
Professional Status
Certified Residential Appraiser
State
Illinois
I have never indicated the names of the buyers on the contract in a report. I don't see why it matters. There are times where the seller may not match the owner of public record and I will describe that in the contract section, but I could care less what the contract says as far as buyer names. It makes no difference whether there is one borrower and one buyer name or one borrower and 46 buyers.
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
One nice thing about doing VA appraisals...the borrower's name is on the 1805 (request for appraisal) and that is all that is required to be on the appraisal report.
 
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