Need help and/or advice with loan process....BS...

[Bill Brady]

Hello BP Family!

I found a great opportunity in a city just outside of Atlanta (Smyrna) for a duplex which ends up being about 4 minutes away from my house. Great location and, by my calculations, expected rent, 8.4% vacancy, maintenance, etc...the monthly cash flow would be about $800 - $900 per month.

Problem: The accepted offer on the duplex is $107,000 with 25% down. The bank ordered appraisal via Bank of America came back at $77,000.

So, yes....I'm frustrated because of the low appraised value of the house but that's not my issue. My issue is that I don't believe the $500+ appraisal was done correctly. Out of 6 comparables, the closest one was 1.22 miles away. The next was 4.85...the next 6.5...the next 8.65 miles away and so on. For those that know Smyrna (closer to Vinings area), you know that a "comparable" property in Austell cannot come close to a similar value.

FURTHERMORE, the appraisal took 20 days to complete. By the time I received the low-ball appraisal, it put me outside of my contracted financing contingency which now puts my $2000 earnest money in jeopardy.

I feel like I'm up the proverbial creek....any advice?