Asked by Tanner, Fresno, CA • Sat Aug 27, 2011
I have a garage that has been re-finished and permitted. The door is still functional and will open, but for cosmetic purposes we removed the springs and put paneling on it. (The paneling does not cover or go over the sides of the door openings.) When the appraiser came out we told him it was not a conversion only a refinish, also there are not electrical outlets there. He listed it as a conversion and gave me a $2,000. deduction in the value. He stated it as storage only. When he was questioned about it, he said it had outlets on it, which it does not and that FHA lenders require an appraiser to put a dollar amount for what it would cost to restore it back to a garage. (Is that true?) He said this could go up to $6,000. or even $8,000. He also said that even if I could show him the garage door would open he still could not go back and adjust the appraisal. It would have to be done on a new one. (Is that true).
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