The CT real estate market continues to be busy! With so much action happening, you may find yourself selling or purchasing a home. Buying or selling a house requires a few steps, often including having a real estate appraisal completed.
Many people wonder if the appraiser reviews the purchase contract and the answer is yes!
USPAP (Uniform Standard of Professional Appraisal Practice) requires appraisers to analyze all agreements of the sale, and per Fannie Mae guidelines “the lender must provide the appraiser with a copy of the complete, ratified contract.”
Standard appraisal forms also require appraisers to enter the purchase price, date of sale, and any specific terms/conditions of the sale (seller concessions, repairs prior to closing, or anything unusual that might impact the appraisal), as well as confirm that the contract was analyzed.