No Comps for Duplex?

[Nathan F.]

I am trying to close on a duplex and appraiser said there are no available comps? The banks has already unwritten the loan, just need an appraisal and apparently cannot finish the appraisal.

The appraiser is a local real estate investor, he knows the house is worth more than the price, he knows it will cashflow (which is part of the appraisal he has finished). The bank won't let him compare triplex's even in simular nieghborhoods. They said they have to be duplex's only.

Part of the problem it is a nice duplex in all single family upscale nighborhood and duplex's in my area are rare (Duluth, Minnesota).

So if a bank won't finance, looking at possible:

• Assume loan (which owner ok with) and try to find a second loan to make the difference ($50K), but would still need appraisal.
• Lease Option? Not sure if owner is open to this yet. He was looking to cash out his money for another project.

Any ideas on how to solve the comp issue would be appreciated. Or tips on lease option and second mortgage. Anyway's I'm surprised there are no comps within the year.

Thanks

[Chris L.]

I would be looking for another loan. Your lender is lost.