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New Underwriter Request???

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Tim Hicks (Texas)

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Texas
This is a new one to me and pardon me if I missed it, but it had to have blown right over my head. Today, an underwriter asked me to address in my report that I have seen the sales contract. Now, I think it is because I sent them an appraisal last week that said " the appraiser was not provided a copy of the sales contract", because I got tired of asking for a copy on a cookie cutter appraisal. I know we are supposed to get a copy of the contract. I know we are supposed to analyze the contract, but I have never heard that we are suposed to state that we have actually seen the contract on the URAR form. Am I crazy or is this something that I have never done in over 12 years that finally caught up to me? If there are no conditons and it is a straight forward contract I usually make no comments about the contract.
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
:lol:
Tim I started about two years ago, making a comment that "the copy of the contract dated XX/XX/XXXX provided to the appraiser contains no atypical terms or conditions" just to cover my rear.

It's probabaly MY fault they even asked you!

That very specific comment stemmed from a LO's haughty questioning if I did see the contract... :evil: Which I had and said so :evil: ... however a later version had been modified 8O and guess which one they gave me :roll: so naturally I hadn't commented on the changes or their effect :2gunfire:

So my personal CYA :idea: only requires a second or two of additional effort!

{aargh- my spelling is getting really really BAD edited to fix fumblefingeritis... :oops: }
 

Craig Sewell

Freshman Member
Joined
Feb 6, 2002
Don't complete the report unitl you get a copy of the contract. The Realtor will see that you get it so there is no hold up on their commission check. I always include a copy of whatever pages of the contract are specific to that transaction in the report, then it's pretty obvious you have read it, or at least looked at it. We are supposed to analyze any contracts, listings, leases, and all that other stuff, within the last 36 months prior to the effective date(?). Or something like that, if you care what USPAP says.
 

John SRA

Junior Member
Joined
Jan 19, 2002
SR 1-5 requires one to analyze any current agreement of sale, and SR 2-2-2(B)(ix) requires one to provide a "summary of the results of analyzing the information required in Standards Rule 1-5..." So, it seems to me that some comment on the existing contract is required.

Have a good day

JC
 

Jo Ann Meyer Stratton

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Arizona
For almost twenty years I have had a comment similar to "Purchase contract dated 1/1/2003 on file in my office, $32,029 purchase price." Property was listed for sale in MLS #S-99999 for nine months with an original asking price of $99,999 with several reductions to a final asking price of $47,242."

If I can't get or round up a contract or escrow instructions from anybody, I will have the information about the listing or FSBO ads and then add the comment that "purchase contract/escrow instructions could not be obtained from client or provided by the client." At the top of the URAR for purchase price I put Not Provided by Client".

And if my value came in at $32,000 instead of the $32,029, that is the client's problem. If the indicated range was from $31,500 to $33,500, I might have said $32,100 instead of $32,000 if they had provided me with a contract. So their refusal to provide a contract hurts them more than me.
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
I do the same as Jo Ann, never had a problem. If the lender or agent doesn't get me a copy, so be it.... it will not be considered in the analysis.
 

Judy Whitehead (Florida)

Senior Member
Joined
Jan 20, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Regarding real estate agents being "happy" to provide a contract - see my prior post (page 2) Warning - gripe session.

I always state whether or not I was provided with a contract. If anyone ever questioned that I wasn't I would then ask them to provide one and I would comment on it. Life is too short to wait around on someone to a) call you back B) beg them for something they should have provided to begin with. I usually make at least one token call and ask for it...if they don't provide it, I state why and when.
 

Karl

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Arizona
Looks like U got an underwriter that went to a free seminar that provided lunch so this will be the pet peeve till He/She goes to next Seminar. How many have gotten faxes that to abide by new USPAP ruling must have 3 year sales history of subject will reject any report that does not have it?
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
Looks like U got an underwriter that went to a free seminar that provided lunch so this will be the pet peeve till He/She goes to next Seminar.
:lol: The municipal "building inspectors" in GA do the same thing!! :lol:
 

Richard Carlsen

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Michigan
SR 1-5 does require us to comment on the purchase agreement but it provides no teeth for the appraiser in getting one out of a LO or a broker. Therefore, if the LO does not provide me with a P.A., a comment goes in the report that I was not provided with a copy of the P.A. and therefore cannot comment on it. If I get a couple of pages of the P.A. but there are obviously some missing some pages, I comment that I was not provided with a complete copy of the P.A. and therefore cannot comment on it.

I have never had anybody comment on my comment.
 
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