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Updated about 6 years ago on . Most recent reply

User Stats

32
Posts
7
Votes
Samir Solanki
7
Votes |
32
Posts

Not enough comps for appraisal??

Samir Solanki
Posted

I'm in the process of doing a cash out on my current BRRR.

Property info:

3 single family homes on one large lot. Qualified as a triplex when I bought it. 

Purchase price: $200K 

Rehab: $40K 

Current rentals: $3,300/Month

The property is fully leased

Now I'm trying to do a cash out refi. Quoted rates are great and a preliminary CMA from my loan broker and RE agent show a potential valuation between $350K and $400K. I'd be happy if it came back at $300K.

Now my loan broker is saying that he can’t find an appraiser that will appraise the property because it’s unique in the sense that it’s 3 SFRs rather than a traditional 3 unit building. He says that appraisers are saying that comps are hard to find. 

Anyone have this issue before? How did you deal with it? Thanks in advance. 

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