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Seller not listed on county records

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STEVE COOPER

Thread Starter
Junior Member
Joined
Dec 16, 2004
Professional Status
Certified Residential Appraiser
State
California
The underwriter is asking me to change the name of the current owner. They want me to change it to the name of the seller on the purchase contract which is different than county records. I have already told them that I need written proof that the seller on the purchase contract is the rightful owner. but I am getting the same request again fromthe UW. Am I missing something here? Is there someplace I can verify this?
 

Non Sequitur

Elite Member
Supporting Member
Joined
Feb 14, 2002
Professional Status
Certified Residential Appraiser
State
Louisiana
If you used the new Fannie 1004 this is covered in the contract section. And no, I wouldn't change the owner of public record to satisfy the UW.
 

Vernon Martin

Senior Member
Joined
Jun 8, 2005
Professional Status
Certified General Appraiser
State
California
Double escrow?

It might be a double escrow or a flip. Either the seller has not yet taken possession of the property, or else has taken possession so recently that the sale has not been recorded. Either way, I would want to know what the seller paid for the property, and this would need to be reported to comply with USPAP.

VM
 

John LaBelle

Junior Member
Joined
Jul 5, 2006
Professional Status
Certified Residential Appraiser
State
Massachusetts
Is it an estate sale?
 

STEVE COOPER

Thread Starter
Junior Member
Joined
Dec 16, 2004
Professional Status
Certified Residential Appraiser
State
California
I believe it is an estate sale.
 

Couch Potato

Elite Member
Joined
Mar 15, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
Only make a change if they do.

There are many reasons why the name of the seller would be different from the name in public records. None of those are the concern of an appraiser making a report on a FNMA form for a mortgage loan. If they want the names to match, they either need to get the name changed on the contract, or get the name changed in public records. Without one of those two events, an appraiser would be committing mortgage fraud (at least under the definitions used in NC, FL and GA in the 'mortgage fraud' laws) by knowingly placing false information in an appraisal report for a mortgage transaction.
 

John LaBelle

Junior Member
Joined
Jul 5, 2006
Professional Status
Certified Residential Appraiser
State
Massachusetts
If it is an estate sale, the owner of record at the county register is probably dead. The Seller on your contract is probably the heir. If this is the case, the attorney for the estate can draft and affidavit saying the heir is the legal owner and you should be all set. I've run into this before. I usually attached the current deed and the affidavit to the report.
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Report what you know. I would not change it!
 
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