Multiple Contracts Versions

[Have Laser-Will Travel]

I think that is pretty much what all appraisers are doing. I'm just not a fan of adopting liability, especially when it's not supposed to be mine. It may not be too risky but, I like to say, "I'm not in the insurance business".

I read the statement by FNMA again and it seems that perhaps uploading multiple docs is compliant: the lender must provide, or ensure that the
appraiser is provided with, a copy of the complete, ratified sales contract and all addenda.

If there is a complete, signed final contract with all addenda in the group of docs, I guess it qualifies.

 

[KHS445]

Generally in purchase money situations as I am in the process of writing the report I will email the client and ask if I have the most recent information (contracts, surveys, tax returns, title commitments, FF&E lists, inventory, valuation breakdown, etc.) available regarding the transaction. Most of the time I receive an email saying yes and a few times one saying see the attached. Either way that information is added to my permanent file and the date of the information along with its completeness is mentioned in the report.

I work primarily in the commercial area so our bids and time are not as tight as residential. That said, time is still money and if you have to spend more than a reasonable amount of time tracking down information that should have been provided by the client you need to explain to the client that the cost of the report is going to increase. It is only human nature to sluff off work on someone else if you can get them to do it for you. Clients, AMC's, etc. are no different.