 "What’s the point?" That question expresses the sentiments that some appraisers have toward sales contract analysis. The argument is that the market value of the subject property "is what it is" regardless of what’s in the contract. Some appraisers even go so far as to advocate that appraisers should not have any knowledge of the contract price as it may (consciously or unconsciously) affect the appraiser’s ability to perform in an unbiased manner.
Conversely, other appraisers welcome the opportunity to analyze the contract. In the previous blog in this series, the focus was on USPAP and GSE obligations. In this blog, we'll focus on how contract analysis is part of the valuation picture and its place in an appraiser’s opinions and conclusions.
Like the prior blog, this one is also written in the context of mortgage lending assignments reported on Fannie Mae/Freddie Mac (GSE) forms, or "GSE assignments."
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