If both buyer and seller agree to a purchase price reduction then at Closing the Purchase Price will be reduced by the purchase price reduction amount that is agreed to. If the sum of the values of the properties that comprise the Property (“ Total Valuation”) is less than the Purchase Price, then both buyer and seller must agree (1) if there is to be any price reduction and (2) how much the price reduction will be. Buyer may elect to retain an independent, third- party valuation consultant to prepare a valuation report (“Valuation Report”) for each of the properties that comprise the Property.
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The selection of the appraiser met the criteria of Fxxxxx Mae and Fxxxxxx Mac for selecting an independent appraiser. The selection of the person performing the property valuation was made independently of the broker ( where applicable) and the originator's loan sales and loan production personnel. The person performing any property valuation ( including an appraiser) received no benefit from, and such person's compensation or flow of business from the originator was not affected by, the approval or disapproval of the Mortgage Loan. The appraisal was made and signed prior to the final approval of the Mortgage Loan application. The appraisal was written, in form and substance, to (i) customary Fxxxxx Mxx or Fxxxxxx Mac standards for mortgage loans of the same type as such Mortgage Loans and (ii) USPAP standards, and satisfies applicable legal and regulatory requirements. Property Valuation. Each Mortgage File contains a written appraisal prepared by an appraiser licensed or certified by the applicable governmental body in which the mortgaged property is located and in accordance with the requirements of Title XI of FIRREA.
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