• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

Need reference for requesting copy of contract.

Status
Not open for further replies.

Doug in NC

Thread Starter
Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
On one or two instances in the past year, I have had inexperienced real estate agents refuse to give up a copy of a sales contract. These agents probably think this is some sort of ethics violation. Can someone please give me a link/reference to the appraiser's requirement to analyze the sales contract (besides the fact that the URAR specifically asks for this info). Thanks.
 

Mr Rex

Elite Member
Joined
Jan 12, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
Doug, they might be right. Get the contract from the lender.
 

Don Clark

Elite Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
On one or two instances in the past year, I have had inexperienced real estate agents refuse to give up a copy of a sales contract. These agents probably think this is some sort of ethics violation. Can someone please give me a link/reference to the appraiser's requirement to analyze the sales contract (besides the fact that the URAR specifically asks for this info). Thanks.


2008-2009 USPAP, page U-19, Standard Rule 1-5
 

Ariba

Senior Member
Joined
Feb 8, 2004
Professional Status
Certified Residential Appraiser
State
Colorado
Doug, they might be right. Get the contract from the lender.

Lender is responsible to get you the sales contract. The Real Estate Agent does not know you from Adam or Suzie. If the Lender cannot/will not provide the sales contract state it in the appraisal. The underwriter should then step in and resolve the issue.
 

dobie

Senior Member
Joined
Oct 26, 2003
Professional Status
Certified Residential Appraiser
State
New Jersey
Doug, they might be right. Get the contract from the lender.

I have one very large lender that never has the contract (or so they say). I've never had a realtor refuse to provide the contract.

This requirement is in USPAP Standards Rule 1-5 and says "analyze all agreements of sale..." "if such information is available to the appraiser in the normal course of business".

If I can't get the contract I describe my efforts to obtain the contract from agent and lender and state the fact that the contract was not provided as requested. If someone tells me the sales price I say something like "The sales price is reported to be $zzz.zzz but this could not be verified.
 

Zmcraney

Junior Member
Joined
Oct 17, 2007
Professional Status
Licensed Appraiser
State
Mississippi
Fannie Mae has it in their guidelines that the lender is to provide the sales contract. I tried to paste the link but can't get it to work
 

Doug in NC

Thread Starter
Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
Thanks for the info!
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
Lender is responsible to get you the sales contract. The Real Estate Agent does not know you from Adam or Suzie
exactly. A regulated bank must provide it to you.
 

Midwest Guy

Senior Member
Joined
Dec 12, 2006
Professional Status
Certified Residential Appraiser
State
Missouri
Agreed!
:icon_idea:
Fannie Mae has it in their guidelines that the lender is to provide the sales contract. I tried to paste the link but can't get it to work
 

Mztk1

Senior Member
Joined
Dec 3, 2006
Professional Status
Certified Residential Appraiser
State
Florida
I ask the lender and the agent. Can't hurt to ask. I've not yet had an agent refuse. Sometimes I get them not fully executed from the lender, which doesn't help. And sometimes that is all they have. The agent usually has the signed contracts and all addenda. I've had the lender with one price and the agent with another before. The agent's copy was more recent. Saved a correction later on.
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks