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Updated almost 9 years ago on . Most recent reply

Aaron Anderson's profile image
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Aaron Anderson
  • Real Estate Agent
  • from Spring Hill, TN
  • Member since Jan 5, 2016
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Aaron Anderson's profile image
Aaron Anderson's profile image
Aaron Anderson
  • Real Estate Agent
  • from Spring Hill, TN
  • Member since Jan 5, 2016
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Aaron Anderson
  • Real Estate Agent
  • Spring Hill, TN
41
Votes |
85
Posts
Private Lending & Conventional Mortgage Advice

Banks refusing loan due to no Comps. Is this normal?

Aaron Anderson
  • Real Estate Agent
  • Spring Hill, TN
Posted

I have contacted 3 banks that have refused to lend on a property because there are no comparable properties in the area and if the appraiser can't appraise it correctly, they can't lend.  I'm just curious if anyone has come across this and what did you do?  Outside of fund raising cash, are there different banks or loan products that I'm overlooking?

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Paul Sofia's profile image
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Paul Sofia
  • Lender
  • from Charlotte, North Carolina
  • Member since May 16, 2016
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Paul Sofia
  • Lender
  • from Charlotte, North Carolina
  • Member since May 16, 2016
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Paul Sofia
  • Lender
  • Charlotte, NC
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Paul Sofia
  • Lender
  • Charlotte, NC
Replied

I take it it must be in a rural area...When you say appraiser can't appraise it correctly, can you be a bit more specific?

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