Updated over 9 years ago on . Most recent reply
Banks refusing loan due to no Comps. Is this normal?
I have contacted 3 banks that have refused to lend on a property because there are no comparable properties in the area and if the appraiser can't appraise it correctly, they can't lend. I'm just curious if anyone has come across this and what did you do? Outside of fund raising cash, are there different banks or loan products that I'm overlooking?
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I take it it must be in a rural area...When you say appraiser can't appraise it correctly, can you be a bit more specific?