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FHA Loan With Unfinished Detached Garage

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Jerica

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Feb 18, 2018
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Banking/Mortgage Industry
State
Alaska
Hello all. We just put an offer in on a home with an unfinished detached garage. The home is very new and up to date (built in 2012). The builder paid attention to detail and this house is just immaculate. The garage, however, was just built in Fall 2017. Again, remarkable craftsmanship. The only thing not complete, is the concrete hasn’t been poured on the floor, and the exterior hasn’t had the siding put on. Would an FHA loan require this to be complete before closing?
 

Mr Rex

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Jan 12, 2004
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Certified Residential Appraiser
State
North Carolina
No exterior siding? Epic fail for any typical mortgage loan.
 

residentialguy

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Mar 24, 2009
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Certified Residential Appraiser
State
Minnesota
Ditto to what Rex said. Garages can be on dirt, I suppose. Some may or may not call for completion.
 

Riick

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Lee in L.A.

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Jan 24, 2002
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Certified Residential Appraiser
State
California
I assume being in Alaska, it's too cold to pour concrete now.
FHA must have some way to handle things like that, but not sure.
 

Jerica

Thread Starter
Freshman Member
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Feb 18, 2018
Professional Status
Banking/Mortgage Industry
State
Alaska
Very true! Permafrost is also an issue. No matter where you go here, there’s probably going to be permafrost. I don’t know anyone without a driveway or garage floor that’s not cracked from permafrost.
 

fritzvogel

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Dec 16, 2004
Professional Status
Certified Residential Appraiser
State
New York
Rex is right, get it sided. I've never had a concrete floor called for (unless it's in the plans & specs or contract) But then again
after 10,000 +/- reports I'll be only 20-30 were dirt. If it's a Barn like building, used for a garage, dirt is the norm.
 

Vermonter

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Joined
Mar 21, 2007
Professional Status
Certified Residential Appraiser
State
Vermont
Gravel garage floors aren't uncommon here and I wouldn't condition it unless in the plans/specs. Siding is another story and the garage would need to be protected from the elements. If I'm not mistaken, plywood is acceptable if painted. Probably market acceptable in AK too. :rof:
 

Howard Klahr

Senior Member
Joined
Oct 4, 2004
Professional Status
Certified General Appraiser
State
Florida
Would an FHA loan require this to be complete before closing
Did you allocate value to the garage "as if" it was complete? Do your comps have garages with exterior siding and concrete floors?

If so, then either the report is subject to completion or you have adjusted for the deficiency ...
 

Tom4value

Member
Joined
Dec 4, 2016
Professional Status
Certified Residential Appraiser
State
Massachusetts
No need for a floor but the siding is needed to protect from the elements.
 
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