Heh... I didn't know you left Freddie. I was talking about arguing with the guy who uses a signature about "eliminating the contract bullseye." He's convinced that appraisers cannot be independent and unbiased in this regard.
Here's the Fannie version of contract analysis from B4-1.3-02:
Subject Section
The appraiser must identify the subject property by its complete property address and legal description. The appraiser must enter the physical property address, including the unit number for a condo, in a format that conforms to the United States Postal Service (USPS) address standards in Publication 28 – Postal Addressing Standards (pub28) for complete addresses. Address standards can be found at USPS.com. The subject address must be populated consistently throughout the form.
When the legal description is lengthy, the appraiser may attach the full legal description as an addendum to the appraisal report. The appraiser must also identify the property rights to be appraised. (For eligibility requirements, see B2-3-01, General Property Eligibility.)
Fannie Mae's appraisal report forms require the appraiser to research and identify whether the subject property is currently for sale or if it has been offered for sale in the 12 months prior to the effective date of the appraisal by selecting either the ‘Yes’ or the ‘No’ checkbox. If the answer is ‘No,’ the data source(s) used must be provided. If the answer is ‘Yes,’ the appraiser must report on each occurrence or listing and provide the following information:
offering price(s),
offering date(s), and
data source(s) used.
For example, if the subject property is currently listed for sale and was previously listed eight months ago, the appraiser must report on both offerings.
Note: For appraisals required to be UAD compliant, Days on Market (DOM) must be reported.
See Fannie Mae and Freddie Mac Uniform Appraisal Dataset Specification, Appendix D: Field-Specific Standardization Requirements, and the associated FAQ’s, for additional information and examples regarding these topics.
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.
The appraiser must indicate if there is any financial assistance such as loan charges, sales concessions or gift, or down payment assistance to be paid by any party on behalf of the borrower, including any closing costs or other payments from the seller or other third party. If there is financial assistance, the appraiser must
report the total dollar amount of the loan charges or concessions that will be paid (if the appraiser is not able to determine a dollar amount for all or part of the financial assistance, the number must reflect the total known dollar amount); and
provide a description of the items being paid.
Note: Financial assistance or concessions paid by any party on behalf of the borrower includes both monetary and non-monetary items, including below-market-rate mortgage financing, gifts of personal property, and payment of property taxes or HOA dues for a period of time.
See Fannie Mae and Freddie Mac Uniform Appraisal Dataset Specification, Appendix D: Field-Specific Standardization Requirements, for additional information regarding the Contract Section, and B4-1.3-09, Adjustments to Comparable Sales, for additional information regarding evaluating sales or financing concessions for comparables.
