How can I refinance my house if there are no similar nearby comps?
October 15, 2010 5:47 AM Subscribe
I wish to refinance my house, but, apparently, there are no appropriate comparisons in the neighborhood. My house still has a value, though, so what can be done now to figure it out so that the refinancing process can proceed?
Like most properties, my house went down in value over the last few years, but, during that time, I did a $105,000 upgrade wherein I converted the old garage into not just a guesthouse, but a legal second family dwelling (the city of Los Angeles even assigned it a distinct address number). It's now as if I own both halves of a duplex.
That upgrade should bring the value back up, perhaps enough to compensate for the overall drop, but, without enough similar duplex properties in my North Hollywood neighborhood (and, more specifically, similar properties that are recently selling so as to count in the comp), I've been repeatedly stalled at trying to refinance. What can be done?