When the Appraisal Invents a New ZIP Code

Broker: It’s a clean $12M, trust the comps Lender: Need updated T-12, estoppels, and your soul’s DSCR Appraiser: Found 3 comps from 2009 and a goat farm—value $7.3M 🙂 Me: Rebuilding the model for the 7th time while the rate lock dies in 12 minutes ⏳