Hello,

Is it standard for the appraiser to ask the homeowner/seller for a copy of the AOS?

Thanks,
Angie

What's an AOS?

Sorry, it's the Agreement of Sale. I'm just afraid that the appraiser will base the value on the agreement rather than the most recent sold comps in the neighborhood.

Oh, lol. Funny how different areas call the same thing such different things.

Here the appraiser always wants a copy of the contract - and magically appraisals always come out exactly at purchase price. This seems fishy and wrong to me, but no one else seems to find anything wrong with it.

It is pretty standard to ask but on most occassion I have refused to provide the copy till the appraisal was completed since the contract price has no direct effect on the homes appraised value. I have asked several appraisers why they want the contract but have yet to get a good answer.

As of November of 2005, it is required that appraisers review the contract. What they are looking for are concessions such as closing costs or money being refunded back to the buyer at the close of escrow.

Yes, it is standard. My DH is an appraiser & most of the time he gets them.

Lenders requesting the appraisal normally provide these as part of the order in my area of the country... only seems logical.

Regardless of the reasoning, it's inappropriate until the appraisal is completed. Too often appraisals come in just at or just over (by less than $500) of the sale price. I haven't seen a true appraisal in years. I'm out of the business now, but for the last six months I was in, I blacked out the purchase price whenever it was requested by an appraiser.

IslandBreeze,

You are correct and I agree 100%. The appraisal is complete and came in at $5000 over the contract.

Angie

I definitely agree with both sides (again). Appraising isn't an exact science, and just like gallup poling, there is a +/- accuracy factor that comes into appraising. Just a 1% margin of error on a $300,000 home is $297,000-$303,000. Imagine having to go back to the negotiating table every time the appraisal didn't come back exactly where you needed it to (while still being in that range)? Even if it is $1, someone has to agree to pay for it!?!

I think that it important to have an accurate and independent appraisal done, and a home avoided if it is drastically outside of that 1% range. I don't, however, think that sellers and buyers should have to go back to the negotiating table to discuss who is going to pay the $83.17 difference between the appraisal to the agreed purchase price...

I agree with you DreamLV, but it just makes me mad that the contract is such a big deal to get an honest appraisal. It almost makes the appraiser's job much easier if they have a number to start off with as opposed to not having any figures and starting from scratch.