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The situation that might raise a red flag for an underwriter is when the appraisal is dated prior to the sales contract. This is significant because it can indicate that the property was not appraised at the time of the transaction or reflects circumstances that may have changed since the contract was signed. In real estate transactions, having an appraisal that corresponds to the date of the sales contract ensures that the valuation reflects the property's current market conditions and features. An appraisal that predates the sales contract may not accurately represent the property's value at the time of a contractual offer, leading to potential concerns regarding whether the buyer is paying the appropriate price for the property.

In contrast, photos showing the address on the mailbox provide verification of the property's identity but do not inherently indicate issues with valuation. The effective age of the property aligning with comparables establishes that the property is comparable to others in the area, which is typical and not necessarily alarming. Lastly, if the completion notice is dated after the original appraisal, it may simply indicate that the property was finished after the initial evaluation and does not automatically imply problems with the appraisal process itself.