My worst week funding a mixed use flip in Austin last spring

I had three deals fall through in five days because the appraiser kept using comps from outside the neighborhood. One property was a solid duplex near a new transit line but they pulled a sale from three miles away that sold for 40k less. The lender wouldn't budge even after I showed them five closer comps that matched the square footage. Has anyone else worked with appraisers who ignore local data like that?

2 comments

2 Comments

jana_fox5018h ago

Fight fire with fire and start submitting your own comps to the lender before the appraisal even gets ordered.

-1

keith_rodriguez18h ago

@jana_fox50 that just makes the appraiser dig in harder on their own picks, trust me.