It may be an issue with comps. We are not waterfront but are on a bluff with a great view. The bank rejected our initial appraisal and demanded a second one because the houses identified as comps were not considered similar enough. Unfortunately, they ended up rejecting the second appraisal too, and refused to lend on the grounds that our house had no comparables. It was a real hassle to find a bank that would lend to us, but we did eventually.

Thank the government regulators who overreacted to the housing crisis and have now made obtaining a mortgage less fun than a root canal

OP here - I am 80 vertical feet above the water on a bluff so no flood insurance needs and not super worried about global warming in my lifetime for this property.

Two appraisals are common if a house is worth more than $1 million.

Who is the lender? If it is some Internet or non-local lender, the delay is unsurprising.

Is refi even worthwhile anymore? Rates are climbing.

Waterfront property will no longer be insureable as global warming creates more problems. Would you want to hold that note? Welcome to the new reality. The bottom is going to fall out of waterfront real estate.

FEMA flood insurance?

Perhaps the first appraisal was t considered adequate for the waterfront property?

Insane. Started my refi this month and am closing this week (Thsday). Not waterfront though - is your market real hot and cold?

We are in the process of a refi for our house. Credit is perfect, loan is less than 80% of home value, always paid on time, etc. The refi process has been going on since October which seems excessive. After having one appraisal completed, the lender requested a second
stating it was common practice for waterfront properties. I have bought, sold and refi'd many homes and have never been asked for two appraisals (we are not paying for the second appraisal).
Has anyone had this requested before? If not, is there a scam here that I am not aware of?