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Updated over 3 years ago on . Most recent reply

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Branden Long
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Hey everyone, I’ve never used this before but I am stuck and need

Branden Long
Posted

So six months back I bought a rental property fully in cash. This was not my first choice but at the last minute something happened on the lender's end so I bought it in cash and figured I would refinance it in six months. Now I am trying to refinance the property and the appraiser who originally appraised the property will not go back out and reappraise it, and there's only one other in the area and they will not come either. I am not sure what to do as this is the only thing holding up the refinance and I am stuck. I even called him and he said it was too hard the first time because there aren't many houses like that anymore in the area. What should I do to refinance this property?

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Jonathan Greene
#5 Starting Out Contributor
  • Real Estate Consultant
  • Mendham, NJ
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Jonathan Greene
#5 Starting Out Contributor
  • Real Estate Consultant
  • Mendham, NJ
Replied

Yeah, this makes no sense. Appraisers don't tell lenders no I can't do it. Something is missing here. What happened on the lender's end the first time? Seems like these things could be related. Are you trying to use the same lender again and why are there are only two appraisers available total? Even in rural areas, someone can do it.

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