I am not doing the 3.6 FORM deal

[huntercharlie]

I too will not be doing the new format...only lenders that accept GPAR forms and non-mortgage related assignments.

 

[Bobby Bucks]

Meanwhile over in Facebook world the zit faced geeks think there is going to be a magical Logan's Run Carousel effect when the non-forms roll out. Some actually think their business will suddenly double and high quality clients will be begging them to join their panel because all the geezers went to Geriatric Park. They're going to be in for a big, sad surprise. It's going to be a protracted mess for many months even after they work out all the bugs. At the end of the day they still have to force those non-forms through a lending funnel and they will need boxcar loads of lubricant. It will be the GSEs and AMCs that will be forced to bend over and lube up due to simple supply and demand. This humble appraiser is going to take full advantage of the situation and on occasion toss a monkey wrench or two into the mess....... for entertainment purposes only of course.

 

[shrubberyvaluation]

100% agreed. Folks were more than willing to use the 1004 for any manner of intended use. I doubt that will be the case with the new 3.6.

But the intended use on the form says for a mortgage transaction, you mean there are appraisers that used misleading reports...say it ain't so.

 

[Fernando]

"...And I was disappointed that the new form didn't clarify what they meant by contract date. Wearing my real estate hat, that's not the ratified date...."

Nando, I'm surprised at you. The Offer to Purchase date is when somebody wrote what they wanted. The Contract Date is when the other side agreed to the final negotiated terms and amount. A contract requires both parties' agreement. One person alone does not make a contract unless they have a split personality and two separate identities, in which case they are probably not of sound mind and legally unable to enter into a contract anyhow. Your "real estate hat" is mistaken.

If you've been a real estate agent, we always use the first date on the contract as the reference point. Just like the appraised date doesn't change regardless of the changed signature date.
After a ratified date, the contract can change with later dates many times.
I always use the first date on the contract. Never had a problem.

 

[Sandra Koutsopoulos]

If you've been a real estate agent, we always use the first date on the contract as the reference point. Just like the appraised date doesn't change regardless of the changed signature date.
After a ratified date, the contract can change with later dates many times.
I always use the first date on the contract. Never had a problem.

I've been a licensed broker/Realtor since 1976. Date of the offer is date of the OFFER. AO date is the contract date to reflect the 'meeting of the minds' and agreement of the sale & conditions.

 

[Fernando]

I've been a licensed broker/Realtor since 1976. Date of the offer is date of the OFFER. AO date is the contract date to reflect the 'meeting of the minds' and agreement of the sale & conditions.

I do leases and original date is on top page. And when there's a renewal and another renewal and another renewal, I would always go back to the original contract with first date on the contract.

 

[Sandra Koutsopoulos]

For example: Buyer writes an offer with his agent, and has to catch a flite later that day and asks his agent to get the offer accepted. The agent is caught in rain, sleet snow, whatever, and can't meet with the seller for 4 more days. Seller LOVES the offer and accepts it. What's the date of the contract?

 

[Sandra Koutsopoulos]

ah-HA! the original date of the CONTRACT on your leases, as in the date that both signatures were affixed to the document... not the first sig, but BOTH having agreed on the date of the final signature.

 

[Fernando]

For example: Buyer writes an offer with his agent, and has to catch a flite later that day and asks his agent to get the offer accepted. The agent is caught in rain, sleet snow, whatever, and can't meet with the seller for 4 more days. Seller LOVES the offer and accepts it. What's the date of the contract?

Again the date on the top of the contract. Doesn't matter when it's signed.
If not signed, no ratified offer and no contract to worry about.
You should check with you MLS or Realtor Board that contract date is the first date on contract.
If form was more clear and stated ratified date then it would not be the contract date.

 

[Sandra Koutsopoulos]

It's not a contract until all principals have signed