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what if no comps available for refi?

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Guest	Posted: Sat Jan 10, 2009 12:03 pm    Post subject: what if no comps available for refi? Like 0 Dislike 0 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?
apexoffice Moderator Joined: 09 Jul 2008 Posts: 192 Location: Atlanta, GA 55.87 Dollars($)	Posted: Sat Jan 10, 2009 9:35 pm    Post subject: Like 0 Dislike 0 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. _________________ Benjamin Smith Atlanta Area Appraiser

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