Question Details

Kim, Other/Just Looking in Clemmons, NC

What do I do if my bank says they can't come up with an appraisal for my log home(to refinancd) because there?

Asked by Kim, Clemmons, NC Wed Jan 21, 2009

are no comps?

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3
Log home buyers and sellers find that you not only have to shop around for a lender who's comfortable with log homes (as well as the area in which the home is located...something we've had some issues with), but other things such as insurers. Given the out-of-the-way nature of where folks like to build log homes, an appraiser will have to go out of his/her way, literally and figuratively, to get the job done. We've seen appraisers who've simply thrown up their hands when trying to do so...and after one such situation, the next appraiser called to wonder what the problem was. That next appraiser got things done quickly, because they had a substantial database of previous sales, and in various areas....but still close enough to be used as comps, at least for that particular lender. Doug & Karen Parker, Prudential Calhoon Company Realtors, http://ikarensell.com
0 votes Thank Flag Link Tue Jan 27, 2009
I would do excatly what Luke says. There are lenders that I deal with that handle Log Homes as well.

I am a mortgage Broker. If I can be of further assistance, please let me know.

Martin Smith

Precision Funding
877-238-6324 Ext 704
513-536-7184
877-238-6324 FAX
MSmith@PrecisionFundingUSA.com
http://www.PrecisionFundingUSA.com
0 votes Thank Flag Link Wed Jan 21, 2009
Kim-

Some lenders are more specific about particular properties when they are different from surrounding homes. That would be a lender-specific guideline, not an indication of all lenders. When we deal with properties that are original or abnormal from porperties that could normally be used as comps, we order our appraisals through national vendors and the underwriters give them more leniency to go outside normal property limitations for comps.

To be honest, the simplest thing you may need to do is switch lenders. An appraisal can be done - you just need to find the lender that will order it and honor the value.

If you have any questions or if I can be of any assistance, please let me know.
Luke Allison
Flagstar Bank
828-777-8828
Luke.Allison@flagstar.com

Apply Online: flagstarloans.com/lallison
0 votes Thank Flag Link Wed Jan 21, 2009
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