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Contract Date

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bdiewald

Sophomore Member
Joined
Oct 16, 2009
Professional Status
Certified Residential Appraiser
State
Illinois
Is it wrong to assume (extraordinary assumptiion) that the pending date of a comparable is also the contract date?
 

hastalavista

Elite Member
Joined
May 16, 2005
Professional Status
Certified General Appraiser
State
California
Why do you think it is necessary to use an extraordinary assumption in such a circumstance?

No; depending on your market, I do not think it is wrong to assume the pending date is the date it went into contract. Your MLS regulations probably spell it out. Mine do:

upload_2017-3-22_8-19-19.png
 

bdiewald

Sophomore Member
Joined
Oct 16, 2009
Professional Status
Certified Residential Appraiser
State
Illinois
That is awesome. Thank you!
 
D

Deleted member 134708

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Our MLS, doesn't give out contract dates nor do the agents. Part of negotiations, confidential.

I don't assume or mark the PD as the contract date. I put unknown on the UAD. State why says unknown.

Pretty much every contract that comes over for a purchase is not the actual pending date shown on MLS. It's always off by a day, few days and when was doing short sales would be off by 9 months.
 

Peter LeQuire

Elite Member
Joined
Jan 3, 2005
Professional Status
Retired Appraiser
State
Tennessee
That date could be the date that the MLS system was updated, not the date of the contract. Also, there can be multiple addenda reflecting price negotiation over a period of days.
 

form1025

Member
Joined
Jul 11, 2009
Professional Status
Certified Residential Appraiser
State
Illinois
Is it wrong to assume (extraordinary assumptiion) that the pending date of a comparable is also the contract date?

If you are using the connect MLS system here in Illinois, it provides the contract date.
 

Peter LeQuire

Elite Member
Joined
Jan 3, 2005
Professional Status
Retired Appraiser
State
Tennessee
The local MLS (Flex) has several categories of "pending".

Pending
Pending - continue to show- property sale
Pending - continue to show- right of first refusal'
Pending - continue to show- inspection
Pending - continue to show- financing
Pending - continue to show
 
D

Deleted member 134708

Guest
Speaking of: Just got a purchase this AM. MLS shows PD 03/15/17, offer was made on 03/15/17 but seller didn't sign until 03/17/17.
PD is proven once again not the contract date over on my side of the tracks.
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
And it all matters how??? dumb to have to agonize over some stupid stip or worthless condition
 

CindyR

Senior Member
Joined
Oct 26, 2003
Professional Status
Certified Residential Appraiser
State
Arizona
My MLS shows the Contract Date for Pending sales. Kind of silly though that there is a significant difference between a contract date of 2/1/17 or 2/28/17 but all stupid UAD wants to know is 02/17.
 
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