Appraiser can't appraise, now what???

[Tara Menk]

I am buying a unique for sale by owner property. It was originally a church connected by a semi-underground tunnel to the rectory. It was then remodeled into a 3 story single family home connected by the tunnel to a duplex. All three units are being run on AirBnB. I am trying to get a residential loan and also use it as a primary residence as a house-hack.

However, the bank told me yesterday that the week-long delay on the appraisal report is because, "the appraiser says cannot complete report because of no comparable sales. Awaiting response from [my] department on next steps." How do I proceed now? I paid almost $700 for an appraisal and I'm not sure how to address this.

Thank you

[Patricia Steiner]

You won't get your money back as another contributor suggested. The appraiser walked the property, right? He looked for comparable sales but it's not a comparable property so he is struggling on how to evaluate it.  But it can be appraised, it can be valued.  Unique properties are found in every market. Your lender needs to reach out to the appraiser's company and ask a manager there to become involved.  Again, it can be appraised.  Again, unique properties are everywhere (yours sounds downright cool!). And, your lender needs to make this happen. The appraiser doesn't have the right to hold the deal hostage.  Push resolution with your lender.