Revised Contract

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What if the contract is amended after the appraisal is completed?  (Question #9, FNMA FAQ's, 8/7/2018)

 

If the contract is amended after the appraisal is completed, the lender must provide an updated contract to the appraiser if it is amended in a way that affects the description of the real property used by the appraiser. However, minor updates to the contract, such as changes to seller-paid closing costs or changes to the contract price, do not require an updated appraisal.

 

Contract amendments that could affect the description of the property include:

Amendments due to revised plans/specs for new construction or remodeling
Changes in the legal description, acreage and/or number of parcels conveyed
Renegotiated seller concessions or sale price as a result of a home inspection revealing property damage or deferred maintenance

 

My Take

Contract amendments that could affect the description of the property require a new appraisal.  Essentially, the appraisal is for a different property.  I would still state that you have appraised the property and why a new appraisal was needed.

 

Modified:  10/4/2018

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