Change in contract price

[J Grant]

so your dated opinion is based on needing to know what the contract sale price is? your dated opinion of value would change if they made a contract change after date?
i guess fannie made a mistake in adding date of signature line, it doesn't have to do anything with that part of the appraisal? it's a material report change, not a value changer.
just thoughts, even here it's never 100% agreement. it's a business decision. but lenders do like the sale price number to match. and do you like your lender.

Just because we change contract information, including a sale price does not mean we make our value match it the sale price ! That would be a bad move imo and ridiculous on top of it -unless they added something of value to the property itself in which case we need a new appraisal

 

[Tom D]

absolutely j grant. any material fact can be changed having nothing to do with value. my 1 big lender does post closing looks at appraisals. if they find a bad mistake, not value, they will ask you to correct it.
given that choice, or being sent to the state, some of you would say, i am not changing a thing. that lender also pays well, and never annoys me.
FHA post closings reviews are not soo kind. their stick hurts when they beat you for any mistake or omission.

 

[Tim Hicks (Texas)]

so your dated opinion is based on needing to know what the contract sale price is? your dated opinion of value would change if they made a contract change after date?
i guess fannie made a mistake in adding date of signature line, it doesn't have to do anything with that part of the appraisal? it's a material report change, not a value changer.
just thoughts, even here it's never 100% agreement. it's a business decision. but lenders do like the sale price number to match. and do you like your lender.

They don't have to match and they know it. I Like my lenders just fine and I explain to them it is what it is on the effective date of the appraisal.

 

[Tim Hicks (Texas)]

absolutely j grant. any material fact can be changed having nothing to do with value. my 1 big lender does post closing looks at appraisals. if they find a bad mistake, not value, they will ask you to correct it.
given that choice, or being sent to the state, some of you would say, i am not changing a thing. that lender also pays well, and never annoys me.
FHA post closings reviews are not soo kind. their stick hurts when they beat you for any mistake or omission.

Mistakes and errors should be fixed. Contract changes after the effective date have no bearing on the report. There is no requirement to change the report over a change in the contract after the effective date of the appraisal. So, they add $15,000 in upgrades after the effective date, they can order a new appraisal assignment or use the one they have.

Do you ever wonder why they say appraisals hit the sales price 98% of the time? Because some appraisers will make the changes to match the new sales price (and the original opinion of value) after the effect date. There is absolutely no requirement to do this.

 

[J Grant]

Mistakes and errors should be fixed. Contract changes after the effective date have no bearing on the report. There is no requirement to change the report over a change in the contract after the effective date of the appraisal. So, they add $15,000 in upgrades after the effective date, they can order a new appraisal assignment or use the one they have.

Do you ever wonder why they say appraisals hit the sales price 98% of the time? Because some appraisers will make the changes to match the new sales price (and the original opinion of value) after the effect date. There is absolutely no requirement to do this.

That is YOUR opinion about no bearing on the report.

The client and users needs the most current date and terms of a contract known so that is why it has relevance.

Appraisers do not hit the sales price 98% of the time, the stats are more like 90% =? If some hit it 98% of the time, it is done from the first time out, since very few sales contracts change price and any appraiser stupid enough to change their value to a new price would be taking a chance-

 

[Tim Hicks (Texas)]

That is YOUR opinion about no bearing on the report.

The client and users needs the most current date and terms of a contract known so that is why it has relevance.

Appraisers do not hit the sales price 98% of the time, the stats are more like 90% =? If some hit it 98% of the time, it is done from the first time out, since very few sales contracts change price and any appraiser stupid enough to change their value to a new price would be taking a chance-

It is only relevant if it effects the opinion of value, then it should be addressed. Show me anywhere that the appraiser must change the appraisal report to match the new contract after the effective date unless it effects the opinion of value.

 

[J Grant]

It is only relevant if it effects the opinion of value, then it should be addressed. Show me anywhere that the appraiser must change the appraisal report to match the new contract after the effective date unless it effects the opinion of value.

There is no MUST, and there is also no prohibition

Again you are inventing this link that contract price has to a link ot the value opinion to be addressed, but that is not what the client is asking for; they simply need an update to a contract on the report whether it is date or price or both for their purposes

 

[sputnam]

Of course it can be changed. Appraisers always have the right to revise their appraisal reports if new information becomes available to them.

 

[Tim Hicks (Texas)]

Fannie Mae even put out a letter stating that changes to sales price or seller concessions after the effective date do not have to be addressed if there is no effect on the opinion of value.

 

[Tim Hicks (Texas)]

Have you ever been told the appraisal has to match the Flood Certification? It certainly does not as the flood certification addresses the dwelling for flood insurance purposes. If any part of the property is in the flood zone the report should be labeled correctly. In fact, the flood certification usually acknowledges the property is in the flood zone, but the dwelling is not.