Contract? What contract?

[RSW]

I hate it when the lender sends a tif or bmp file of the contract and I can only open the first page. I have to call back and ask for it in pdf format.

 

[hglenbetts]

Glen, I may have you confused with someone else, but you look like the guy who puts contracts out, not reviews them!

Be careful, I know a guy, who knows a guy :new_2gunsfiring_v1:

 

[hglenbetts]

I assume the property and the REALATOR or sales "Cordinator" is right near you, so just go get the thing !!

Maybe the buyer would like to know, as well -

Truett, I don't mean to pick, but it's REALTOR!!! Pronounced "Reel Tore" Two syllables.

 

[Mike Kennedy]

What do you think about AMC's that expect appraiser's to obtain the sales contract? What do you think when they expect you to outline your steps to obtain the contract when they have not attempted to obtain it?

When I try to obtain the contract from listing agents, here are my frequent results:

1.Told to contact the lender because they already gave it to them.

2. Told to contact the selling agent even though you have no idea who that is.

3. Told that they can not provide it to the appraiser over confidentiality rules.

4. Sent the wrong contract for a different house or buyer.

5. Sent an unexecuted contract.

6. Asked why I would need a contract.

7. Told to contact the borrower (this never works, they never have a fax or e-mail copy).

8. Given the correct contract. Last for a reason.


Right now, I have four appraisals on hold. One the listing agent sent me the contract for another house on the same street and can't seem to find the one for the correct home.

One is a for sale by owner to a family member and they have no idea what I am asking for.

One is a new home construction that had an original contract, but now the owner is making upgrades and has added his own estimate of the cost of upgrades but the builder has yet to give him a new price. The lender and AMC both have not bothered to notice any of this, but continue to fax me the contract and his hand written guess of upgrade costs without attempting to read what they are sending me.

One is a foreclosure property and the listing agent states she has not received the signed contract back from the owner (bank) yet. This was two weeks ago.

Just try to obtain a contract for a HUD foreclosure sale. The listing agent never has it. They never know who the selling agent is. The borrower neve seems to have it and if they do they send you the wrong papers.

"Right now, I have four appraisals on hold."

See above - there is absolutely NO REASON to "hold" them. Market Value is what the market dictates. Follow the existing USPAP (Post #21) and GSE guidelines (exactly the same guideline) - and COLLECT your fee.

 

[Oh No Not Him]

I didnt read all the replies, but enough to wonder why no one really thought of this..he is doing a new const appr, asking for the contract isnt for the $ price, but he needs to see what/any conditions are present, unusual sales concessions/points.....subject tos, etc etc....

 

[Pittsburgh Pete]

I didnt read all the replies, but enough to wonder why no one really thought of this..he is doing a new const appr, asking for the contract isnt for the $ price, but he needs to see what/any conditions are present, unusual sales concessions/points.....subject tos, etc etc....

To what end? The market value would be the market value no matter what is in the contract.

 

[TJSum]

For new construction, yes it is different, depending on how far along the construction is. Based on this example from the OP, it sounds like the home was complete. But many times with new construction when the house is far from completion, the contract has the options and upgreades which will be added to the home, etc. I think that is what Oh No had in mind...

 

[dobie]

For new construction, yes it is different, depending on how far along the construction is. Based on this example from the OP, it sounds like the home was complete. But many times with new construction when the house is far from completion, the contract has the options and upgreades which will be added to the home, etc. I think that is what Oh No had in mind...

This house was 98% complete. Some small items were in process of completion. I sent the report in on Saturday. It was pretty clear I was not going to get the contract.

There was a time in this business when you always got the contract on a sale. Now the clients rarely provide the contract. Or so it seems.

 

[Abzntminded]

This house was 98% complete. Some small items were in process of completion. I sent the report in on Saturday. It was pretty clear I was not going to get the contract.

There was a time in this business when you always got the contract on a sale. Now the clients rarely provide the contract. Or so it seems.

Most of the builders are now trying to hold the final sales price until they get an appraisal in. They've been cut off at the knees too many times earlier this year. Most have a contract with the SP as an addendum that can be changed at the last minute (often along with concession details). If you used the 1004 and checked the "no" box for having seen the contract, you'll be hearing from them again (along with the contract & final) unless the deal fell through. The "no" box is the motivator these days, much more effective than calling and pleading or threatening.
When you eventually see the contract, don't be surprised if the SP is lower than your appraised value.

 

[Terrel L. Shields]

How about a copy of the contract which contains only the first and last pages?

could be true...in the past 10 years our local contracts have expanded from a few pages 4-6 to some well over 15 pages of BS....all due to another out of control board, NAR rules, and lawyerizing every facet of life. I won't eat microwave popcorn cause it Torques my shorts to have a warning claiming hot steam can come out of a popcorn bag...get a life Mr. Redenbacker (never mind you are dead...i beat steam didn't kill you)