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Updated over 5 years ago, 09/03/2019
Not enough comps for appraisal??
I'm in the process of doing a cash out on my current BRRR.
Property info:
3 single family homes on one large lot. Qualified as a triplex when I bought it.
Purchase price: $200K
Rehab: $40K
Current rentals: $3,300/Month
The property is fully leased
Now I'm trying to do a cash out refi. Quoted rates are great and a preliminary CMA from my loan broker and RE agent show a potential valuation between $350K and $400K. I'd be happy if it came back at $300K.
Now my loan broker is saying that he can’t find an appraiser that will appraise the property because it’s unique in the sense that it’s 3 SFRs rather than a traditional 3 unit building. He says that appraisers are saying that comps are hard to find.
Anyone have this issue before? How did you deal with it? Thanks in advance.