Purchase

[Tom D]

1. Selling Guide /
2. Part B: Origination Through Closing
3. Part B appears to be a section of the selling guide geared toward lenders. We are not responsible for what the lender does wrt fulfilling their requirements.

Better tell fannie they used the wrong word 'appraiser' in that section. Should have put 'lender'.

The appraiser must (corrected to: The lender must' oh wait, the lender isn't filling out our form.

• 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

 

[ZZGAMAZZ]

Where are these "must" comments coming from?
Is it from a section of requirements for the lender ?

The appraiser can not force a lender, or buyer or other parties to do anything. If all they provide is a contract with an agreement that the price be negotiated after the appraisal, so be it. Our only obligation is to disclose that in the appraisal report.

The appraiser can ask parties or RE agent if buyer and seller knows each other . Even if they do, so what? We can appraise properties that have non-arm's-length contracts.

JG, Isnt the phrase "UAD compliant" the sticking point of this controversy by implying that the report will not be "accepted," i.e., uploaded, if the purchase price field isnt populated? Narrative explanations cant override a hard stop, eh?

 

[2020]

I received an 1004 conventional purchase order and there is no agreed purchase price on the purchase agreement. The buyer advised they are waiting on the appraisal to set a contract price. Should I just note this as described? I have never received a purchase order without a purchase price.

Clarification: I do have a contract that states the buyer agrees to purchase at appraised value.

 

[Tom D]

All interesting thoughts. Maybe the lender won't submit it thru CU until the sale price is determined. So, the appraiser goes ahead with checking sale, but sale price subject to appraised value.
Ok, let's see what happens then, but i doubt the poster will tell us, they normally don't give us conclusions.

I have changed my opinion, but no stips until i see a addendum to new price.

 

[Surf Cat]

Clarification: I do have a contract that states the buyer agrees to purchase at appraised value.

Hey 2020,

Was the subject listed on the MLS? If so, extended days on market? Price reductions? Or, was this a for sale by owner?

Like you, I've never seen that before where the appraiser is the determination of the contract price.

 

[2020]

This is a close relative transfer. FSBO

 

[Surf Cat]

This is a close relative transfer. FSBO

This makes a lot more sense now...

 

[J Grant]

The lender can wait until the contract price is established, have the appraiser enter the price as a revision and then the lender submits it.

 

[alebrewer]

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.

 

[NC Appraising]

Reading these posts is making my head spin.

USPAP. What does USPAP say about waivers needing to review the contract?


Poop shoop......


Just order a waiver.