changing value

[lionfish]

much depends on the existing appraisal, work file and listing history on how flexible your analysis and your opinion is. was the original copy of the contract fully executed? how weak or strong are the original comps? the new contract sale price is new information that you did not have before. of course sales prices and sales agreements are not automatically the value (otherwise why have purchases appraised) however, they are valid pieces of market information. if after examining the new information you feel the value is higher than before then change the value, explain why, detail the changes made to the previous report, create a new file number, update your report/signature date, fully disclose changes, CYA and move on. if you dont believe in a value increase you still need to document the higher sale price and the analysis of it then repeat the process I just suggested with a new file number, report/signature date, etc.

 

[jason regan]

Raquel,

Stick by your original opinion of value! Also, please stick around and read as much of this forum as you can. It's a wonderful learning tool.

 

[STEVE COOPER]

It is ok to change the value provided it is supported, the contract is legit and you see this as possible........My questions is, what was it listed for, what kind of concessions are in the contract. You can always write an addendum if you do opt to change the value. Just make sure it is solid.....Be smart.

 

[Ted Markow]

My gut is that included in the appraisal is the answer. The original contract was a valid contract but the MB saw the range of values on your report and realized that you leaned to the lower side and that is fine. It is after all your opinion of value. Like others I am interested in finding out the listing history on the property right back to when it was listed. After realizing what your range was, the MB saw the opportunity to cash in on a little more money/value if he could convince you to change the appraisal he could work some magic with the seller/buyer re agent or any combination of the three. After reviewing everything I think that you will conclude that your first reaction was the right one and the only thing left to do is to say I'm sorry but "no can do thank you very much."