How do you bracket a 6 acre parcel when the nearest comp is 14 miles out?
Under contract on a 1,280 square foot house on 6 acres in a county with maybe 90 arms-length sales a year. Contract price 148k, cash-out purchase money loan behind it, so the lender ordered a full appraisal rather than taking a waiver.
Appraisal came back 139k. The three comps are 9, 11 and 14 miles out, two of them are on 1 to 2 acres with a flat site adjustment of 8k for the extra acreage, and the third is a 2019 sale time-adjusted forward by a percentage the report describes as a market conditions adjustment without showing the paired sales behind it. The subject has a detached 900 square foot shop that got 6k. Around here a shop like that moves a listing.
What I have: two sales in the last 14 months inside 4 miles that the report doesn't mention, both on acreage, both closed above 150k. One was listed by a broker who told me it went conventional, so it had its own appraisal.
What I'm unsure of is whether pushing a reconsideration of value through the lender's AMC is worth the 10 days it will cost me when the rate lock has 21 left on it. The seller has already said he won't come down to 139k and I don't love putting 9k more cash in on a rental at this price point.
So the decision is ROV now, or eat the difference, or let it die and keep looking. Anyone gotten an ROV to actually move in a thin rural market?