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Rainmaker
2,849,051
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

My experience is that there is nothing like what a willing buyer and a willing seller will pay for actual, current proof of value in a normal situation. The contract supports that premise which courts favor as well

Nov 16, 2015 06:09 AM
Rainmaker
3,986,473
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

They don't, but many times lenders are the  ones who provide it to make sure things go well

Nov 16, 2015 05:49 AM
Rainmaker
1,429,268
Joyce M. Marsh
Luxury Home Couture - Daytona Beach, FL
Joyce Marsh Homes & Design

I agree completely with Ken Jones on this. It is a subject that makes my blood boil. I do not see the need and feel it will definitely influence the appraisal. 

Nov 16, 2015 11:36 PM
Rainmaker
1,538,744
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

The appraiser usually knows the price and any important terms directly from the lender/mortgage broker in my experience.

Nov 16, 2015 10:41 AM
Rainmaker
6,005,956
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

I have heard if there is too  much of a variance from appraised value and purchase price, it raises red flags with the underwriter.   

Nov 16, 2015 07:25 AM
Rainmaker
979,796
Troy Erickson AZ Realtor (602) 295-6807
HomeSmart - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

Tony and Suzanne - You bring up a great point, and I am not really sure why an appraiser would need a copy of a purchase contract. The only thing I can think of is the purchase contract can be used to verify that the owner has a valid purchase contract with the buyer?

The comps should have nothing to do with the sales price on the contract.

Nov 16, 2015 06:53 AM
Rainmaker
1,580,843
Karen Fiddler, Broker/Owner
Karen Parsons-Fiddler, Broker 949-510-2395 - Mission Viejo, CA
Orange County & Lake Arrowhead, CA (949)510-2395

Seems like that would be the case, but I do think that on purchases, they allow for increasing prices and so they are trying to justify the offer price. 

Nov 16, 2015 06:36 AM
Rainmaker
552,229
Brenda J. Andrew
ULTIMA REAL ESTATE - Willis, TX
Professional Realtor in N Houston & Corpus Christi

I never understood this myself.  I couldn't believe it when an appraiser called me the first time for a contract.  I had taken an appraisal class and there was nothing said about getting a copy of the contract in order to do the appraisal. Great question!  I had a contract once that was accidentally written for $100,000 less than the agreed upon sales price in my buyers favor.  We didn't realize the mistake until the appraisal came in $100,000 short.  It was a townhouse on Ocean Dr. that appraised for $150,000 and was selling for $250,000.  My buyer wanted to know why it didn't appraise then we found out that is how much the contract was written up for.  Somehow the appraiser was able to backtrack and bring the value up $100,000.  Unbelievable.

Nov 16, 2015 04:47 AM
Rainmaker
1,262,452
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

They need to know how much time appraisal rpt contigiency will be removed. APN info....

Nov 16, 2015 04:38 AM
Rainmaker
1,751,937
Sandy Padula & Norm Padula, JD, GRI
HomeSmart Realty West & Florida Realty Investments - , CA
Presence, Persistence & Perseverance

That is just plain lazy on appraisers' parts. Back 10 years ago, we would never have been asked for a copy of a contract or the selling price.

Nov 16, 2015 03:10 AM
Rainmaker
5,116,842
Richard Weeks
Dallas, TX
REALTOR®, Broker

Great question.  Appreciate Ken Jones comments.

Nov 16, 2015 02:49 AM
Rainmaker
1,525,616
Sybil Campbell
Fernandina Beach, FL
Referral Agent Amelia Island Florida

Yes I think they comps should speak for themselves.

Nov 16, 2015 02:42 AM
Rainmaker
292,685
Jack Lewitz
Exit Strategy Realty - Evanston, IL

Good question. I always suspect appraisals that come in close to finance price vs sale price and wonder if getting a copy of the contract is the reason this happens.

Nov 16, 2015 01:46 AM
Rainmaker
634,582
Kathleen Luiten
Resort and Second-Home Specialist - Princeville, HI
Kauai Luxury Ocean Home Sales

I've been told it is requested so they have documented identification of the property and inclusions/exclusions that would impact the valuation. Yes, comps are comps and the sale price shouldn't be a factor.

Nov 16, 2015 01:45 AM
Ambassador
6,689,449
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

I suspect that it may influence their opinion.

Feb 08, 2019 10:59 PM
Rainmaker
2,443,346
Evelyn Johnston
Friends & Neighbors Real Estate - Elkhart, IN
The People You Know, Like and Trust!

That does make more sense to me.  How about you?

Nov 16, 2015 11:47 AM