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Updated over 3 years ago, 08/01/2021
Appraiser can't appraise, now what???
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