I am currently under contract for three family owner occupied property and plan on using an FHA loan. The initial appraiser could not find any comps and therefor could not assign value to the property. This is in a small town in a rural area in Northeast PA, so not many multifamilies. We have another appraiser coming out monday, but am wondering if there are any options if they can not find a comp. I have the 20% down if I need to go conventional or commercial, but the broker is saying we need a comp regardless of the type of loan. Any advice or insight is appreciated.
How did this end up for you? Dealing with a similar issue with a fourplex that I'm going to owner occupy.
@Nicolas Schuitemaker we were able to close with the second appraisal. It was a reach for comps, but he made it work... you?
He did. I got really lucky as it was all about getting an appraiser who understood the neighborhood and market for investment properties. Shockingly, most residential appraisers don't...
That's the tough part about owner-occupying in order to get a residential loan that I wasn't expecting. Not as much of a problem if you're getting a commercial loan as those appraisers get it. But those loans are obviously less favorable.
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