Has anyone had this happen before? Found an old post on the sub from 4 years ago, wondering if I could get a fresh, non VA perspective.
For background, we have a conventional loan, 20% down, buying WAY under our budget (approved for $1M PP). Hot market, listing price $600K, PP $725K. Appraisal came back at $705K, which we were ok with, we also waived appraisal. We’re a bit shocked that lender rejected their own appraisal, now have to get a field review and push back closing. I looked over the appraisal, and it was super in depth, though she did specifically say that the property is very unique and it’s hard to find exact comps (it’s 114 years old), which is probably what underwriter had a problem with.