Atlanta Valuation Training 2015, Slide #48
When an existing appraisal is being used for a different borrower, the Mortgagee must...have the appraiser review the purchase contract and revise the appraisal report for value adjustments accordingly.
Analysis of a new contract is not mentioned in the Handbook 4000.1. The Atlanta Valuation Training slide referenced adds to the requirements of the Handbook 4000.1. The appraiser should not resist a request to analyze the new contract since the training slides specifically mention it.
New Contract -- New Borrower
The lender has provided a new contract and has requested that it be analyzed in addition to the original contract analyzed on page one of this appraisal. The seller is the same. The buyer is Robert and Julie Robertson. The sales price is $195,000 which approximates market value and is an arms-length transaction. Concessions are 2% of the sale price which is not considered excessive. There are no unusual special stipulations. This analysis was explicitly permitted at the Atlanta FHA Valuation Training event on September 18, 2015; slide 48.
New Contract -- Same Borrower
The lender has provided an amendment to the original contract and has requested that it be analyzed in addition to the original contract analyzed on page one of this appraisal. The sales price was reduced to $195,000. Concessions remain at 2% of the sale price which is not excessive. There are no additional special stipulations.
USPAP mandates that the appraiser "analyze all agreements of sale, options, and listings of the subject property current as of the effective date of the appraisal", so analysis of the original contract stays in the appraisal. Make sure that the date of the appraisal (signature date) is changed to reflect the date that the new contract was analyzed. (USPAP SR 5-1)