I have a deal that may be in jeopardy in Polson MT. We have been through 2 months of appraisals with 2 different appraisers both of which have refused to appraise our property because they claim that there is a lack of comparable properties in the area. The closing is 2 weeks away and I'm wondering if anyone has dealt something similar to this before and what they did to solve the problem? I also wonder if anyone here might be able to suggest a lending option in that area that would not require an appraisal?
It's weird. Normally the mortgage lender sends their own appraiser, who has other methods to fall back on when there are no comps. Is this seller financed?
No it's financed with a traditional mortgage.
Can't they use replacement value if there is a building?
Well for some reason you aren't able to directly contact an appraiser.
I got a screaming deal on a property a while back because appraisers couldn't comp it for conventional financing. We used commercial financing and they appraised it based on NOI.