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Updated almost 8 years ago,

User Stats

104
Posts
32
Votes
Brian Nordman
  • Oregon, IL
32
Votes |
104
Posts

What to do when comps can't be found for a valid appraisal?

Brian Nordman
  • Oregon, IL
Posted

I'm currently in the process of trying to get a deal done one a duplex. I've been in talks with both a lender as well as a broker about the property. The lender informed me they would need three comparable properties to base the appraisal off of that have sold in the last 6 to 12 months in order for the loan to go through. If these three properties cannot be found the loan will not happen. Being in a small town there are not many properties similar to this one let alone ones that have sold in the last 6 to 12 months. If the broker cannot find me enough comparable properties what is recommended that I do? Can condos be used as comps for a duplex? Any help is appreciated!

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