Garage is currently being converted to an ADU

[Fernando]

The appraiser does not get to choose. If a lender will lend on it AS IS, and wants the appraisal done AS IS, then the appraisal is done AS IS.

Yes, appraiser should be aware it's not a simple appraisal and should charge higher for the additional work and possible pushback.
Appraiser gets to choose if that's the assignment he/she wants.

 

[Zephyr999]

How are you going to find a similar comp with an unfinished garage.
Most lenders won't lend on such a condition thus less demand and market price will be lower.
From my experience, many typical buyers don't want to deal and buy such an unfinished garage.
The buyers who will be interested are contractors and they will buy it the property at a discount.

You won't...that's why it's more logical to find finished and conclude a market value as-if complete, then deduct % remaining as CV to arrive at As-Is value.

 

[Zephyr999]

The appraiser does not get to choose. If a lender will lend on it AS IS, and wants the appraisal done AS IS, then the appraisal is done AS IS.

All lenders need As-Is...

 

[J Grant]

All lenders need As-Is...

Really? I just had a lender change an appraisal I did on a house that had some unfinished areas from AS IS to "subject to completion"

BTW, of interest, when the appraiser returns to the property later for a 1004 D inspection to sign off on the work was completed, the status becomes "AS IS", (being that the work or repair which was subject to completion is now finished )

 

[ZZGAMAZZ]

yes, but the house itself is perfect, just remodeled, it's just the garage that's being converted. why would that impact the appraisal?

I would be concerned/confused because most every jurisdiction where I work requires a garage; and permits couldn't be obtained toconvert the garage into an ADU accordingly.......ALTHOUGH maybe I recently heard something about the garage requirements were relaxed if the property is improved with a Main Unit and an ADU. I can't remember.

 

[ZZGAMAZZ]

Mechanic liens.

Fernando, please explain what your comment means.