Change in contract price

[glenn walker]

We do not practice contract law we only report what we have been provided . They could hand me a copy of a contract written on a paper napkin , and thats what I would report I had received and my job is done

 

[J Grant]

We do not practice contract law we only report what we have been provided . They could hand me a copy of a contract written on a paper napkin , and thats what I would report I had received and my job is done

No kidding, I never said we practice contract law - just gave a reason why a contract change is important. Appraisers are supposed to be informed about such things at least on a rudimentary level.

 

[glenn walker]

No kidding, I never said we practice contract law - just gave a reason why a contract change is important. Appraisers are supposed to be informed about such things at least on a rudimentary level.

Well it appears many don't have a clue

 

[RSW]

The problem is we became handbook appraisers and lost the ability to just use some common sense. I know when at lender if a report was kicked back by a GSE-HUD Etc- The thing that matters most was the error had been fixed and not misleading. Page one is the first page where everyone involved reads first. Nobody is coming after the appraiser for fixing a error. What they will come after them is for a misleading report.

The OP's situation was not an error on the appraiser's part. The appraiser was not given the entire contract. The change can still be made by the appraiser.

 

[Fernando]

I know how i handle this, how do you handle this?
The effective date of the appraisal, 08/20/2023, appraisal was uploaded that day with what the appraiser thinks is the latest contract
Turns out, the contract was amended on 08/15/2023 but it was not given to the appraiser.
Appraisal report delivered, the lender gives the appraiser an amended contract dated before the effective date, and wants page one of URAR to reflect this.
In this situation, why can the appraiser not make the change and reissue a new report?
Edit, this is not my report, it was taken from a FB group. I am fully aware how to correctly handle this situation.

What's the problem?
The appraiser now has to change the appraised value to new target amended price.

 

[Tom D]

The appraiser now has to change the appraised value to new target amended price.

that's an interesting twist. if we used the original sale price in an adjusted price range as the price, then couldn't a different sale price in that same range now be the new appraised value?
fannie/FHA have their wants, but lenders are allowed to ask for more than that. it's a business decision as to not doing a lender request. and yes, there are lines in the sand, but not on this one.

 

[J Grant]

What's the problem?
The appraiser now has to change the appraised value to new target amended price.

I hope this is a joke.
Since it is not true.

 

[J Grant]

that's an interesting twist. if we used the original sale price in an adjusted price range as the price, then couldn't a different sale price in that same range now be the new appraised value?
fannie/FHA have their wants, but lenders are allowed to ask for more than that. it's a business decision as to not doing a lender request. and yes, there are lines in the sand, but not on this one.

That only is true for those who the first time out decided to reconcile at SC price since the contract is a "reasonable expression of market value"- I never liked that concept, it is backward, a sale contract price should support our market value opinion, not the other way around

What you describe is not a business decision it is an ethics decision an appraiser who would do this just matched the SC price the first time -.