Posted on: 10th Jan, 2009 11:03 am
want to refinance mortgage but appraiser cannot find any comps in rural area i live in. nothing has sold in over a year. any options?
Appraisers that are familiar with rural appraising should be accustomed to this scenario, as it is quite common. Other methods of valuation can be used by the appraiser including but not limited to: a depreciated cost analysis, utilizing comparable sales from other similar markets, or using comparables from over 1 year and making any necessary adjustments for market changes over the past year. Whatever the appraiser chooses for their analysis, a detailed commentary should be included in the report with regard to the appraiser's reasoning and rationale.
I am not sure if this is the answer to your question or if you were actually looking for an alternative mortgage product, but I will leave that to the other professionals on this forum.
I am not sure if this is the answer to your question or if you were actually looking for an alternative mortgage product, but I will leave that to the other professionals on this forum.