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Edd Gillespie
Certified General
Joined: 13 Aug 2007
Posts: 2282
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 Posted: Wed Jan 02, 2008 5:06 pm Post subject: |
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| Steve Owen wrote: | | Tell them that, because the contract calls for the installation, you must appraise it subject to that installation. |
I disagree.
It simply is not the job of the appraiser to enforce a contract or to make an "as is" market value appraisal 'subject to' completion of the the contract. It may be that the contract price is subject to the stove being installed, but the appraisal is not necessarily.
Whether the contract is completed prior to the appraisal is not your problem.
_________________
Edd “In the real estate economy, there are no guarantees that reason will prevail in a market where emotions run high and the amount of misinformation runs deep.” Jonathan Miller in The Matrix. So what’s an appraiser to do?
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Edd Gillespie
Certified General
Joined: 13 Aug 2007
Posts: 2282
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| Posted: Wed Jan 02, 2008 5:14 pm Post subject: |
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| Steve Owen wrote: | | In this case you are not only valuing the property, but certifying that that value is subject to all the contract provisions being met. In this case, part of your job is to tell them that the stove is (or is not) there. |
maybe, but says who? I think that is just not correct unless the client asks you to estimate the stage of the completion of the contract, which usually they do not unless it is construction. It is not the appraiser's job to enforce the contract, but to provide an estimate of market value, 'as is" or "subject to". You are giving an example of an appraiser getting way out of his parameters.
The contract value may have to be changed to meet the market value sans the stove, but that is not your problem. If there is no stove then appraise it with no stove and move on.
_________________
Edd “In the real estate economy, there are no guarantees that reason will prevail in a market where emotions run high and the amount of misinformation runs deep.” Jonathan Miller in The Matrix. So what’s an appraiser to do?
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