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TheProject
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Anyone out there know anything about real estate appraisals?
I'm working on a refinance deal for my house, and it's taken over a month because they can't find 3 "comparable" houses to compare mine too.
Well, there's a reason for that. I live in a historic neighborhood, and there hasn't been a single-family house sold for at least 3 years.
The appraiser has submitted 4 comps, but the underwriter will only accept 2 of them, saying the others aren't close enough.
Do I have any recourse here? Or do I just have to accept the lower loan value?
I'm working on a refinance deal for my house, and it's taken over a month because they can't find 3 "comparable" houses to compare mine too.
Well, there's a reason for that. I live in a historic neighborhood, and there hasn't been a single-family house sold for at least 3 years.
The appraiser has submitted 4 comps, but the underwriter will only accept 2 of them, saying the others aren't close enough.
Do I have any recourse here? Or do I just have to accept the lower loan value?
