Trying to buy my first property. It's a duplex, going fha and it's the third one I have had under contract I'm hoping this one works out. Got a call from the lender she said there were no comps in our area and the appraiser couldn't do the appraisal. Today she calls back my agent found one comp for the appraiser to use. (a reo we had put an offer in on) and she asked if I wanted to proceed with the appraisal because if the lender didn't accept this comp and the loan doesn't close I will still have to pay the $460 appraisal fee... My questions are: Is there anything I can do? It's not my fault there are no comps. She said it's prob a 50/50 if this comp will work since it sold cheaper than mine and it was a reo.. I feel like I'm getting robbed for $460 if it doesn't work and the bigger question is how would I even be able to buy another duplex if this one doesn't work? Because there will still be no comps in our area.. I'm really wanting to live in one side and rent the other to get started. Should I find another lender? Would that make any difference.
I had the same problem on my first duplex purchase 4 years ago. I wasnt planning on living in it. But here is the story maybe it will work for you.
My bank was willing to loan on it if I was willing to do a much higher intrest rate. So what I did was: I took the payment that I would have normally paid if it would have appraised. I figured the loan with the new intrest rate(higher rate), same money down and same term length. See it wasnt my fault his property didnt appraise and I had to pay a higher rate to buy it. So with the new math my new purchase price had to be much lower then the agreed offer. I took the info from the bank to the seller and told him the story and how I came to my new price. Short story he understood that it wasnt his fault and it wasnt mine it was the market at the time. Well its been a GREAT buy for me at a GREAT price!!! maybe you will get a great story as well to tell us.
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