What to do if you don't have comparables?
I bought a lot in a lake resort which are extremely rare to find in this particular resort. I can't get a fixed loan because there aren't any comparable homes that have sold in the last year. I'm building 1,800 sq ft and the only thing that has sold is 4,000 sq ft. Sells are rare as most people hold on to what they have and pass it down to their kids. Bank said they would give me a 15/30 year loan if my lot was paid for. Was going to refinance my primary home and pull out $78,000 to pay off the lot. I live in an exclusive neighborhood in a small town and appraiser doesn't have three comparables that have sold in the last six months to make a value for my home. So, because of comparables I can't build a lake house and can't refinance my primary home which I owe $211,000 on and market value last year was $395,000. Arkansas values can't move that much. No value, why pay insurance and taxes??????
Because your lot is "extremely rare", then it is going to "cost" you to get a "rare" appraisal report.
This means you will need to pay the appraiser to go out of the area and find comparable properties. It means he/she can go as far as he/she needs to ... to find the comps for the same market as the subject property, then he/she needs to justify with compensating factors in the Scope of the report, and in the Sales Comparision Approach Section - distant, rural and unique.
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