203K Appraisal Troubles South Jersey

[Francis Sirch]

Hello All,

I am currently going through a 203k process. I have my contractor and FHA consultant on the same page, am approved for the loan, everything is going good but I cannot find an appraiser would will appraise the property in South Jersey.

The property is in a B+ A- area, is a duplex, and in that area there are very few duplex and none have been sold in the past few years. The property had a fire in the roof and has a little mold , but the scope of work includes remediation of both. 

I am buying the duplex for 75K work is around 85K with a 12K contingency, My agent is an REO agent and does BPO often, he has the value at around lowest $190- highest $210 ,but the appraisers are having trouble giving value due to lack of comps and extent of damage. Any advice so i can get this deal closed. Does anyone think I may have to look at hard money, I have been through 2 appraisers already and on the third and is bank owned I am worried that if i ask for an extension that will throw it back on the market. This deal cashflows, will have built in equity, and is in a great area. Let me know your thoughts and thank you for you advice in advanced.

Best,

Frank Sirch