FHA Garage Conversion

[FMan222]

:icon_idea: HI,

I am appraising a home that is going FHA.

It has a garage conversion to a family room , it is opened up to the main living area and has Central HVAC, canned lights and is similar to main living area .

I cant find were the garage stops in the main living area.

Should i include it in the sq.ft . I was told you back out the garage conversions even if it is similar to the main living area.

I couldnt find anything about FHA garage conversions/

I tried calling my local HOC office and they won't answer.

Please help!!!

 

[CANative]

Your license level on your profile is listed as Appraiser Trainee. If that is so, then why are you working on an FHA assignment?

 

[FMan222]

I am Certified, I dont know why that says that, I emailed trying to change that.

Sorry

 

[Mike Garrett RAA]

Finished, heated, access to interior, I would include it in GLA; however, the contributory value may be off-set of the loss of a garage.

 

[FMan222]

Thank you and i appreciate your response. There are alot of mean people on this board and they call them self appaisers . They forgot they needed help too at once.

Thanks and have a great Day!!:new_smile-l:

 

[Tim Hicks (Texas)]

Finished, heated, access to interior, I would include it in GLA; however, the contributory value may be off-set of the loss of a garage.

Whereas, I would not. Years ago, HUD put out a circular regarding this subject. I have always handled it this way. I do so on my non-HUD appraisals because it make the most sense.

Sometimes a mean appraiser has the right answer, when a nice one does not.

 

[FMan222]

Thanks for the information.

 

[Mike Garrett RAA]

Tom...with all due respect, I think you will find that circular to be outdated.

 

[Tim Hicks (Texas)]

Tom...with all due respect, I think you will find that circular to be outdated.

Mark,

Well then, show me where they have changed that policy on handling garage conversions then. I was given that in 1995. It may be dated, but how can you proclaim it outdated? If they had changed their policy on garage conversions, don't you think they would have provided a new circular or policy on the issue? Maybe they have and I have missed it.

Tom

 

[Gary Leduc]

According to a FHA REO company I do work for, they specifically DO NOT want converted garages or carports included in SF unless there are work permits verified for this conversion.
NO WORK PERMITS = NO SF ALLOWED.