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Seller Offering Two Whole Pennies At Closing

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S is for spittman

Senior Member
Joined
Oct 24, 2005
Professional Status
Certified Residential Appraiser
State
Texas
What kind of incentive is this?

Got a request for a purchase appraisal and in the contract the seller is offering $0.01 towards a residential service contract and $0.01 towards other expenses at closing.

Am I missing something? Seems a little absurd reporting this in the financial assistance section of the appraisal.
 

CindyR

Senior Member
Joined
Oct 26, 2003
Professional Status
Certified Residential Appraiser
State
Arizona
What kind of incentive is this?

Got a request for a purchase appraisal and in the contract the seller is offering $0.01 towards a residential service contract and $0.01 towards other expenses at closing.

Am I missing something? Seems a little absurd reporting this in the financial assistance section of the appraisal.

and have fun with your software. i had one with pennies once and the ACI/uad stuff insists everything must be whole dollars. i love it when i get to explain that my report is wrong due to the software restrictions and even though it says the financial assistance is $.00 it is really $.02 ....
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
Guess he just wants to make it clear. For example, on the Florida promulgated contract it defaults to $500 for repairs, etc.
 
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