Duplex cannot get appraised

10 Replies | Houston, Texas

Hi All,

Got a duplex under contract, but appraiser cannot find enough comps to get appraisal for the property. Anyone met this before? Any suggestion about how I should proceed?

Thanks!

Is this appraisal something you've contracted to get an accurate estimate or simply necessary as a step in tax or financing to prove value?

Personally, I own a duplex and after 3 appraisals (all for a separate piece of the puzzle) each time the estimator did a hasty job of pulling a few vaguely similar comps and stated the value at the number they had already seen. I'm not too keen on the effort that goes into it.

If you just need to prove value to the bank I would call the next appraiser on the list as I'm sure someone in Houston would be glad to pull something they consider to be a comp and take your check. If you want to truly find the property's value, from an investor point of view, I would be scouring MLS and recent sales personally.

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I got a deal on a triplex that consisted of a duplex and a carriage house apartment where previous buyers were unable to get residential financing because of inadequate comps. We used commercial financing and they had no problem valuing the property; they used a hybrid of SFR/duplex comps and an income approach

The lender said they asked several appraisers. I asked, looks they need comp. Also asking around for other lenders as well. My realtor sent some comps and lender is reviewing. Want to check in the forum to see if there's anything I can do... @Nick C.