4-car Tandem Garage

[Damon]

Hi all,
I really need some help here. The home I’m purchasing as a 4 car garage. It is two stalls wide and two stalls deep. It was built as such and advertised in the listing as such.

The appraiser listed it as a two car garage and that’s it. No other notes or anything else. In researching, I’ve found things that state it should be listed as a 4 car tandem because there are four stalls or spots. So in the comps we didn’t get any vaue add when comped with other 2 car garages. There has to be value in this huge 4 car garage!

Last quick question, no value added in the energy efficient items section for the brand new roof and brand new (2017) hvac system. All together $15,000 worth of new... and for comps in the section it just shows “none”. So no value added for that either. Is that correct?

I really really appreciate some feedback!!

 

[glenn walker]

The 4 car tandem at least in my area has additional value "V" a standard 2-car garage but it's not as much as I would have thought- The problem is that it's often hard to find another similar sale with a tandem so what it's worth ? BUT I do agree at minimum the appraiser should have made it clear the garage was a 4 car tandem and either made some adjustment or commented on why he-she did not. As far as the roof and HVAC those would normally be part of the total condition rating of the property and not a separate line item adjustment.

The big question is are we talking about a $100,000 or a $500,000 property because a larger garage in a $500,000-$1,000,000 neighborhood brings some serious money because people don't like to leave their $150,000 cars in the driveway but in a lower priced neighborhood it's just more space for Billy-Bob to store his junk and big-boy toys

 

[gregb]

There is a separate line for the HVAC, which could reflect its new condition. Definitely there should have been a comment relating to no adjustment for the difference between a four car tandem garage and a standard two car garage. I don't need to ask the OP, but here goes...how much difference between the contract price and the appraised value?

 

[Damon]

The 4 car tandem at least in my area has additional value "V" a standard 2-car garage but it's not as much as I would have thought- The problem is that it's often hard to find another similar sale with a tandem so what it's worth ? BUT I do agree at minimum the appraiser should have made it clear the garage was a 4 car tandem and either made some adjustment or commented on why he-she did not. As far as the roof and HVAC those would normally be part of the total condition rating of the property and not a separate line item adjustment.

The big question is are we talking about a $100,000 or a $500,000 property because a larger garage in a $500,000-$1,000,000 neighborhood brings some serious money because people don't like to leave their $150,000 cars in the driveway but in a lower priced neighborhood it's just more space for Billy-Bob to store his junk and big-boy toys

Well the home appraised much lower then anticipated. List was $170,000. I have a contract at $164,000. Appraisal came in at $155,000. It is a small town community, so that price is upper middle for the town. The sellers, sellers agent, buyer, buyers agent and the local lender all disagree with this valuation. Sellers and buyers agent have submitted comps to support value. My agent (I’m the buyer) has questioned the garage situation. He said it’s a two car period and isn’t budging. When I look up tandem garage plans, average tandem is 40’ long. This garage is 45’ long... the builder is also still around and building and verified it’s a 4 car tandem.

Now we know that won’t get us the total value we want, but I’m just really wanting an answer on it for my own knowledge.

 

[Damon]

There is a separate line for the HVAC, which could reflect its new condition. Definitely there should have been a comment relating to no adjustment for the difference between a four car tandem garage and a standard two car garage. I don't need to ask the OP, but here goes...how much difference between the contract price and the appraised value?

List was $170,000. Contract $164,000. Appraisal $155,000.

 

[Terrel L. Shields]

Oversized garages here seems to not add much value... it's a place for junk, and I don't call them "tandem" regardless what agents call them. If the cat has kittens in the oven, I don't call them biscuits.

 

[Damon]

Oversized garages here seems to not add much value... it's a place for junk, and I don't call them "tandem" regardless what agents call them. If the cat has kittens in the oven, I don't call them biscuits.

So there’s no standard for this? My only issue with that is at the end of the day there are 4 stalls. I’m going to park a boat and two cars in it and still have room for another car... doesn’t that make it a 4-car regardless?

 

[Meandering]

So there’s no standard for this? My only issue with that is at the end of the day there are 4 stalls. I’m going to park a boat and two cars in it and still have room for another car... doesn’t that make it a 4-car regardless?

Nope.

It makes it a 2 car garage with extra space that could be utilized for other storage, or to add benches and tables for a workshop, or to move the laundry equipment in there - as some have done here. You want 4 cars, you need 4 doors.

.

 

[DTB]

Well the home appraised much lower then anticipated. List was $170,000. I have a contract at $164,000. Appraisal came in at $155,000. It is a small town community, so that price is upper middle for the town. The sellers, sellers agent, buyer, buyers agent and the local lender all disagree with this valuation. Sellers and buyers agent have submitted comps to support value. My agent (I’m the buyer) has questioned the garage situation. He said it’s a two car period and isn’t budging. When I look up tandem garage plans, average tandem is 40’ long. This garage is 45’ long... the builder is also still around and building and verified it’s a 4 car tandem.

Now we know that won’t get us the total value we want, but I’m just really wanting an answer on it for my own knowledge.

Of course they do, they all stand to gain if the appraisal was higher.

Not sure why you want to pay more for the house than it appraised for?
Time to quit arguing over the appraisal and start negotiating.

 

[Walter Kirk]

Are tandem garages common in your market area? An appraiser can only make an adjustment if there is market based evidence to support it. In any event the appraised value of $155,ooo vs the contract price of $164,000 seems to me to be close to an acceptable margin of error. It is unrealistic to expect the appraisers estimate of value to exactly match your contract price, I suggest that you and the seller negotiate further.