What Date Do I Put On The Contract Date?

[TX ladybug]

Ok, I have a question, I have not been through this much in all my 8 years enough to consider it to be norm and remember what to do. Heres my question, I received a contract with an executed date of contract and an amendment attached to it with a more recent date.........Then during the appraisal process which I am in now, I just received ANOTHER amendment with a more recent date (which is after my inspection date) Which date do I use to fill out the URAR under contract section. The original date? First amended date or the last amended date??

 

[HF Mudd]

I would utilize the date of most recent amendment as of the effective date of the appraisal (noting the prior date in my analysis of the contract). Any other information I would note in an addendum.

 

[form1025]

original contract date, the rest are amendments to the original

 

[Peter LeQuire]

In the contract section of the URAR, you'd put all of the dates, but in the field for contract date, it's the date the last addendum was ratified: the substance of the contract terms and the amended contract terms would be reported - I'd guess they would exceed the field and overflow to whatever text addendum your software has.

(Edited for clarification after reading Mike Garrett's post.)

 

[TX ladybug]

Ok then, Im confused!!! So everyone does it different. I realize the URAR UAD so call guidance stays away from answering that question and just states to put the date of contract, so with that said, I am putting the original date of contract and on the comments on the contract analysis I will explain all the amendments and their dates! This data entry, new appraiser, Fannie/Freddie updates, new FHA handbook, CU crap has got me so frustrated and twisted! Thanks guys!!

 

[form1025]

I scan the amendments into the report for clarification and CYA purposes.

 

[Mike Garrett RAA]

And the next blind man felt the elephant's butt and said..."elephants stink!". So does some of these responses. The date of the contract is the last agreement by the parties. If you want to you can reference all of the dates in your report; however, if there is a price change then the date should be the date of the last amendment.

It doesn't matter that there was a change in the contract after your date of inspection or effective date of the appraisal. Those dates will still be prior to your date of report. I don't know about FHA but the VA would prefer you not scan int lots of pages of contacts, counter proposals, or change orders. It just complicates the underwriting and review process.

Now, if you have completed your appraisal and uploaded a report and then the lender wants to send you a changed contract, amendment, or counter proposal that is a different situation. I politely refuse to change my report but I can treat it as a new assignment for a new fee. Same holds true for a change of buyers.

 

[form1025]

An amendment doesn't replace the whole original contract, just the part that's changed by the amendment

 

[Tru Red]

I use original contract date and reference the date or dates of any amendments provided.

 

[Tom D]

i agree, there are some dopey answers here. an addendum is not a contract, it is a change to the original contract. the contract date is the last date of all the signatures on the original contract. if there are any later important changes you can mention the change, the date, and you change the date of the appraisal signature so that they know you didn't see it sooner.