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Discounted home as a wedding gift

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Bobby Bucks

Elite Member
Joined
Jan 27, 2002
Professional Status
Real Estate Agent or Broker
State
North Dakota
I’m working on a FSBO sale. Seller is the father, buyers are daughter and son in law. Sales price is $150,000 and I’m coming in at $210,000. Per daughter and her dad this is a sweetheart deal.....a belated wedding gift. My question is should I state somewhere in the report that the sale is between relatives? Some underwriter between naps just might wonder why I’m $60,000 higher than the contract price. One the one hand I want to disclose something, but on the other, there just might be some new reg making a disclosure of personal info of this type a capital offense. Maybe I’ll not say anything at all and just let them order a field review and have some fun with it. :) The Friday kickoff time is sneaking up and there’s a better than even chance they won’t get this report today. :)
 

Jo Ann Meyer Stratton

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Arizona
In similiar situations I make the comment the transfer is between relatives without going into further detail. The underwriter then can become nosy if they want more info and they can ask the borrower some questions.
 

George W Dodd

Senior Member
Joined
Jul 9, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
Bobby,

I agree with Jo Ann about disclosing that the sale is between related parties. As we are required to analyize the contract it would be necessary to report on any material factor.
 

Bobby Bucks

Elite Member
Joined
Jan 27, 2002
Professional Status
Real Estate Agent or Broker
State
North Dakota
Jo Ann & George many thanks! Now the ranch can get back into a normal Friday mode. :)
 

larryhaskell

Senior Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Nevada
Bobby:

This may be too late for you but one statement I add to this type of appraisal is that it was not an arms length transaction due to the relationship of the seller and buyers. I can't believe that this type of info would be considered confidential.
 

Richard Carlsen

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Michigan
Absolutely state that it is between relatives and is not considered and arms length transaction.

And don't forget to throw the sales data away when you are done. You don't want that one getting in and used as a comp somewhere.
 

xmrdfghap

Senior Member
Joined
Jan 15, 2002
Professional Status
General Public
State
Florida
<span style='color:brown'>You might want to save it for that "good comp" that you didn't use when the LO askes for a better comp than the ones you used.....you know the one......the really good one you saved for special occasions.....</span>
 

jtrotta

Senior Member
Joined
Jan 16, 2002
Agree with Joann, and add in the family transfer; the LO will have to do a "Gift of Equity" chant and the father will need it for taxes (Greg :?: ).

It all has to be disclosed or are you writting a "Misleading Report" and you can have all the data you want in your work file - butt 8O


8)
 
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