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Updated about 4 years ago,

User Stats

33
Posts
21
Votes
Steven O'Leary
  • Rental Property Investor
  • Jersey City, NJ
21
Votes |
33
Posts

Any options for 3plex not appraising?

Steven O'Leary
  • Rental Property Investor
  • Jersey City, NJ
Posted

I am currently under contract for three family owner occupied property and plan on using an FHA loan. The initial appraiser could not find any comps and therefor could not assign value to the property. This is in a small town in a rural area in Northeast PA, so not many multifamilies. We have another appraiser coming out monday, but am wondering if there are any options if they can not find a comp. I have the 20% down if I need to go conventional or commercial, but the broker is saying we need a comp regardless of the type of loan. Any advice or insight is appreciated.

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