Q: FHA APPRAISAL SHARE GARAGE
I’m recently divorced and signed an agreement to pay $190,000 to keep the house. The bank asked me for the agreement to start the process of refinancing. I was conditionally approved for refinancing, and after signing all the necessary paperwork, including transferring the title solely to my name, we were ready to close. However, right before the final steps, the lender discovered a potential issue with the property. The home shares a garage with the neighboring property, and they are now concerned it might not meet FHA requirements. I’m frustrated because this issue didn’t come up during any of the initial inspections or evaluations, and I’m feeling anxious as I wait to hear back from the appraiser about the legality of this shared garage under FHA guidelines.
A: While this is a setback, it doesn't necessarily mean the refinancing can't proceed. The key will be working closely with your lender and providing all necessary information to address the FHA's concerns about the shared garage. The lender must ensure that the subject property's structures, including garages, do not encroach onto adjacent properties or easements. The FHA is concerned about encroachments affecting the marketability of the property. If the shared garage arrangement doesn't impact marketability, it may be deemed acceptable.
Jack Mevorach agrees with this answer
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