Appraisal nightmare could lose deal in Montana

Investor · San Diego, CA · Member since 2020 · 21 posts · 16 votes

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?

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Nathan GesnerBusiness Member
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Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
5y
I just ran into a similar problem with an off-grid home. There's not a single off-grid home that sold in my county in the last five years. There are many with solar power, but they're still connected to the grid. Mine is 100% solar so the bank wouldn't appraise it. The only way around it? Connect it to the grid.
It's ridiculous, but it's the way the banks work so we had to do it. You may find yourself in the same boat.
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Ryan FreyPro Member
Developer · Missoula, MT · Member since 2016 · 46 posts · 29 votes
5y
See if your lender will accept a realtors opinion of value. This has worked for me in the past. Granted this has been with local and regional banks.
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