Ian A. North
305 467 1881
Anything and real estate especially CAN be appraised. The challenge is coming up with a value to support the new loan. Indeed, the current sales won't help much in terms of getting equity- in most cases.
Adjustments can be made for those older townhomes- if there are current decent sales.
The challenge is in finding a competent appraiser that has the experience to complete the appraisal using the data that can be found.
Perhaps the lender is just not willing to take the chance.
That is an unusual situation and I'm sure it's causing you a lot of distress. Coincidentally, there is a mortgage broker in my office who is facing a very similar issue regarding getting a new mortgage on a property one of our agents recently sold. They too have been told that the property is 'unappraisable' since there are no other comparable properties anywhere near it. Supposedly they will be getting an answer on that situation tomorrow.
Depending on how much you owe and whatever possible comparables you might be able to come up with, there may be an FHA program which you could refinance into. I guess the properties they used as comps when you originally got your mortgage are the ones which are now in foreclosure. With additional info, maybe the mortgage broker at my office could help you. In the least, I'll be happy to let you know the outcome of their ordeal.
Don't know how many appraisers you've already spoken with, but I do know an appraiser I could get an opinion from, maybe she would have some additional ideas for you...Sorry can't be of more assistance!