Appraiser refuses comps from the west... Redlining?
Currently have a deal falling apart because of low appraisals and was wondering what other's thought. Have 2 duplexes under contract in Rochester NY for 60k each. They are fully rented and make the 2% rule. But.. I was unlucky enough to have both appraisal companies have policies against using comps West of Genesee St (180ft away).
Appraiser comp: July 2013 .55 mi NE, $36k cash sale in a part of town with higher crime.
West Comp: 3/31/14 under .2 mi W sold for $90k
When asked about redlining, they say houses to the west are not considered comparable sales. One of the houses under contract was refinanced for $65k a couple years back. I was pursuing a conventional 25% down mortgage and they came in at 38k and 41k. Has anyone ran into this and overcome it?