We are trying to purchase a piece of property in our area of Texas which has no local comps. A restricted appraisal has been done stating the value at $94,000. This is the price the seller is asking. We have been dealing with a broker and have been in the file preparing stage for over 90 days. This appraisal info was just given to us yesterday. We have FICOs of 626 and 578. We have assets totaling around $140,000 and are pretty much debt free. No mortgage, credit cards or car payments. Our combined income is close to $3000 per month. The property consists of structures which will be rented out to cover the payment. Does anyone know where we can go to get financing for this property with a restricted appraisal or possibly go as far as 30 miles to find comps? We need closure on this deal as soon as possible so if anyone can help we would really appreciate it.
Have you tried using a local lender? Sometimes local lenders are more familiar with the area/situation.
When comps are not available within the normal radius of a traditional appraisal, there are loan programs that allow for a wider spectrum (larger geography in which to find a comparable).
The issue is not one of geography, but a lack of experience (on the part of your current lending partner); find someone that is experienced in these types of transactions because loan programs are available to accomodate your situation.
Regards,
Scott Miller
Regards,