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Author: Dwdonhoff Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 128403  
Subject: Re: No comps = no refi? Date: 10/11/2012 7:36 PM
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Hi Wot,

My loan officer (who seems to know her stuff and comes highly recommended) says she's "trying to find an alternative" but is hinting at the fact that no comps means no appraisal, and no appraisal means no refi. Is it that cut and dry?
I'd like to be able to say "no"... and common sense would say there has to be *SOME* alternative.

I know things are a lot tougher these days but I would think there must be some sort of acceptable method of determining an appraised value when there are no good comparable sales.
Of course, ultimately there IS... its called private money financing, at 50 LTV (value determined by fire-sale estimate) at rates 12-13% and 6-8 points closing costs... ;~(

Any advice?

Wish I could break the tension & deliver a non-punchline solution... but I've been equally stymied in similar situations the last 24 months.

Dave Donhoff
Leverage Planner
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