Purchase

[NC Appraising]

It is interesting...

If you had the contract price and it changed after you submitted the report, you would not change it. You can make a comment in the addendum.....but would not update page 1 as it happened after the effective date.

So what is the difference in this situation?

Make them to agree on a contract price...

Or


Leave it blank and submit. 100% the lender will want you update the report to add the contract price to page 1 after they have agreed on a contract price
and not just to add it to the addendum.

 

[NC Appraising]

Here is your answer

B4-1.3-02, Subject and Contract Sections of the Appraisal Report (06/04/2025)

This topic contains information on reviewing the Subject and Contract sections of the appraisal report form, including:

selling-guide.fanniemae.com

Contract Section​

The lender must provide the appraiser with a copy of the complete, ratified contract. The appraiser must indicate whether an analysis was or was not performed on the contract for sale. If an analysis was performed, the appraiser must provide the results of the analysis. If an analysis was not performed, the appraiser must provide an explanation why the analysis was not performed.

For appraisals required to be UAD compliant, the appraiser must also indicate the type of sale for the transaction. The appraiser may report any other relevant information in this field or elsewhere in the report regarding the sale type, including whether more than one sale type applies.

The appraiser must

• enter an amount in the Contract Price field if the Assignment Type is a purchase transaction. Contract price must be the same as the sales price for the subject property in the Sales Comparison Approach section;
• enter a contract date if the Assignment Type is a purchase transaction; and
• indicate if the property seller is the owner of record.

 

[Surf Cat]

Intended use of 1st appraisal: To establish market value for a purchase transaction.

Intended use of 2nd appraisal: To assess collateral default risk for a mortgage lending decision.

This ^^^ to me is the only feasible way to go about this. Once the intended use of the first appraisal determines the market value, the seller and buyer negotiate and come up with an agreed upon sales price.

Second appraisal can be done at a discount and layout the terms of the purchase with executed contract.

To try to get this done on one appraisal with disclosures, commentary, no sales contract, with expected revisions..... just sounds like a haphazard way to go about it.

 

[Sadie]

You do not have a fully executed contract. If the contract stated the price was the appriased value, that is ok IMO. But you don't just leave it blank.

 

[Dublin ohio]

You do not have a fully executed contract. If the contract stated the price was the appriased value, that is ok IMO. But you don't just leave it blank.

Once you arrive at your OMV you have a purchase price conforming to the terms of the contract. What is there to prevent one from entering that into the contract price field

 

[NC Appraising]

What if the appraisal was done prior to the home inspection and the inspector found major damage? One would think the contract price would be renegotiated.

If it was for fannie, I would copy and paste my prior post, which is from the horses mouth.

No fully completed contract no appraisal.

 

[djd09]

they can send a blank piece of paper over....and appraiser will call it an agreement