Seller owner?

[Fernando]

Purchase contract has a signature and I can't read it.
Contract doesn't have name of seller.
Do I say seller is not the owner since I can't read the contract that seller is the owner?

 

[Mike Ault]

Do I say seller is not the owner since I can't read the contract that seller is the owner?

The only thing you know for certain is you can't determine the seller. I wouldn't definitively state that the seller is not the owner of record, I would this leave the seller field blank and send it in, that will generate a UAD revision request from your client at which point you can tell them to send you a legible contract. Or just avoid all that drama and tell them to send you a legible contract, somebody has one.

 

[andrew81]

https://appraisersforum.com/forums/threads/sellers-name-not-on-contract.230141/

 

[Fernando]

The only thing you know for certain is you can't determine the seller. I wouldn't definitively state that the seller is not the owner of record, I would this leave the seller field blank and send it in, that will generate a UAD revision request from your client at which point you can tell them to send you a legible contract. Or just avoid all that drama and tell them to send you a legible contract, somebody has one.

I can read the contract. For some reason (first time ever), the seller name is owner of record.

 

[shrubberyvaluation]

I can read the contract. For some reason (first time ever), the seller name is owner of record.

First time ever? That tends to be very common...

 

[Fernando]

First time ever? That tends to be very common...

Common? Then what do you check?
I was going to check no and state owner of record is not sufficient.

 

[Mike Ault]

Common? Then what do you check?
I was going to check no and state owner of record is not sufficient.

As soon as you check the seller is not the owner of record it will generate a hard stop with your client. Way better to solve all your contract analysis issues up front than let everybody think the appraisal is done and then have to wait on Fernando to fix something again.

 

[andrew81]

First time I have a contract in which Seller's printed name is not on the contract.
I see an unreadable scrabble as a signature.
Is this acceptable to Fannie Mae?
To me the listing agent was lazy in not writing the sellers' name or was that on purpose?

Analyze the contract and summarize your findings.

 

[Fernando]

As soon as you check the seller is not the owner of record it will generate a hard stop with your client. Way better to solve all your contract analysis issues up front than let everybody think the appraisal is done and then have to wait on Fernando to fix something again.

Then it's not my problem. Lender will force agent to correct contract.

 

[andrew81]

The best advice I'd read is to contact the client/lender letting them know the discrepancy in not having a printed name of the seller on the contract.
For all I know, my doggie could have signed it.
As long as I have documentation that I made them aware of the contract, it's up to client/lender in how they want to deal with it.