What should appraisers look for in a sales contract?
By Steven W. Vehmeier
Excerpt: When should we analyze the contract?
Looking at the sales contract early on allows the appraiser to identify any “subject to” items or other conditions that could influence the value conclusion.
However, reviewing the contract early might also put the sales price in the back of the appraiser’s mind. And although it shouldn’t, it may unintentionally influence the appraiser’s comparable selection and eventually impact a direction in value.
Maybe looking at the sales contract only after developing the appraiser’s opinion of value would help avoid the above concern?
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My comment: Some interesting, and maybe controversial, ideas. Short and worth reading.
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