Purchase Appraisal

[Em Tee]

What do you do if you've asked both the listing agent and selling agent for a copy of the sales contract, and both "just don't have time" to fax a copy over? Do you complete the appraisal and make a note that you weren't provided a copy of the contract? Or should I hold their appraisal hostage until I get a copy? :twisted:

Thanks all!

 

[Tim Hicks (Texas)]

Either way. Sometimes I never get a copy. I just put in the report that the lender did not provide me with the sales contract. You would think an agent would get you a copy quick if they thought it would delay closing.

 

[Pamela Crowley (Florida)]

Personally, I hold them hostage. The LO also has a copy of it and is legally responsible for giving a copy to you!

Grrrrrrr :twisted:

 

[Dave Smith]

Take up the situation with the lender. If the lender wants you to do a quality job they will supply you with a copy. I get the copy from the lender about 99% of the time. Why deal with uncooperative Realtors when the lender is your client?

 

[Restrain]

In today's market, I almost never (except with FHA) get a copy of the contract. I simply comment that the contract was not provided for review.

Roger

 

[larryhaskell]

The fastest way to get a copy of the purchase agreement would be to appraise the property well below the reported sale price. I guarantee your fax machine will be ringing with comps and purchase agreements til the cows come home. And the next time you deal with those two knotheads you won't have to ask for a copy.

 

[Farm Gal]

USPAP say(more or less) : "must review and comment on the contract if available..."

(implied) 'or comment on why not available and then make very sure to state extraordinary assumptions that no special financing or other incentive/advantages is/are involved...

I tend to do that part in nice bold print right above the $$lines :twisted:

in otherwords you do not HAVE to view the contract to perform the appraisal.

that said: I usually try to hold up the deal until I get a gander at the terms of sale as per a legal SIGNED contract B)

cause they tend not to like how I word it if I don't

 

[Rich Hahn]

We had a Rilitor tell us it was illegal and against the law to send us a copy???
I do all of the above if its a shady deal I will hold hostage. If its straight up I go forward and make comments in the report. If we are swamped(NOW) we ask LO for copy and cant proceed until we have copy, buys us a day sometimes 2.

Bottom line guidelines require us to have a copy in our files.

 

[Farm Gal]

Rich:

Please show me the USPAP quote that says we HAVE to have a copy in the file.

Or is this state law in your area?

 

[Em Tee]

I finally got a copy of the purchase contract (after leaving messages that the appraisal would be finished as soon as the contract was received) and noticed something very strange..... the purchase price on the contract was $273,000 but the faxed order form listed the purchase price as $280,000. Wonder what was up with that?

Some days I hate being a newbie! <_<