Contract Denied

Question: If the client refuses to give me a copy of the contract, can I still complete the appraisal?

Answer: If the appraiser is not provided a contract, the appraisal can still be completed provided the reasons are disclosed in the report. A comment similar to the following is appropriate.

The appraiser was not provided a copy of the contract by the lender or other party with access to the contract. This appraisal is not in compliance with FNMA requirements since the appraiser cannot attest to Certification #5. Failure to attest to any required Certification is clearly prohibited by FNMA in paragraph two of page xx of the appraisal.

References to the contract in this appraisal are based on the extraordinary assumption that the contract data as provided by the lender are accurate.

Remember when you are not provided a contract, you do not know:

• If the subject property is the property under contract
• The buyer's name
• The borrower's name
• The seller's name
• The contract amount
• The contract date
• Financing concessions
• The existence of a contract
• Is the seller the owner of public record
• Other things I may have not thought of