Does an appraiser need to see the sales price on a contract or do you black it out?

By
Managing Real Estate Broker with ERA American Real Estate

I had written a previous post Should an appraiser ask for a copy of the sales contract and talked of reasons that appraisers would need a sales contract to do an appraisal. This post is to talk about if the appraiser should need to see the sales price.

 

This was a couple comments left on a similiar post topic as this post about blacking out the sales price by an appraisers point of view:

"Basically we have to have some kind of record to base our information on and keep a copy of it in our work file. We need to know if concessions are involved or if there is any personal property included in the contract. It sounds better than saying because the RE Agent said it was this much. The bank doesn't know who the agent is and how trustworthy they are."

 
Kenneth Miller, NW Ohio FHA Appraiser (Miller Appraisals)

 Another appraisers comment on the same topic

AND MOST IMPORTANT - Is because Fannie Mae requires the appraiser to review the P.A., report our analysis of the P.A., report seller concessions in the P.A..   AND if the listing agent won't provide the P.A., state who we contacted for the P.A., their name and phone number(s), the date(s) they were contacted, and why they would not provide the P.A. to appraiser, if we know.   Many, many times when the Realtor fails to send the P.A., I submit the appraisal stating the above.   This holds up the closing because it takes 2-3 days for the lender to get a copy of the P.A., especially if that lender is ordering through an AMC (appraisal management company).   Then we have to revisit the report, enter the P.A. information and re-submit the report.   Remember, the Cuomo Agreement goes into effect 1/1/2009 and many more appraisals will be ordered through AMCs, meaning more delays if Realtors don't send the P.A. that FNMA requires the appraisers to review. 

Hope this helps!

 

 
Bill Cobb

 I am writing another post after this one with what was a question I thought worth another post have you had an appraiser value a home to the sales contract price?

 

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Rainer
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Bryan Watkins
LRA Real Estate Group - Mesa, AZ

I wonder if they get the info from the loan broker anyway. It does seem to come in so often at the sales price.

Aug 29, 2010 03:44 PM #1
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