4-car Tandem Garage

[Tom4value]

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?

I have this issue a lot with driveways. Borrowers tell me that they could fit 6 cars in their driveway. I tell them that stars practice is to go by the width of the driveway. It may be 100feet long but if it is single wide, it is a one car because only one car can use it at a time.

Same thing with the garage. You may fit 4 cars in there but you can only move 2at a time. The added value, if any, would be for added storage utility. You mentioned the price is $160k so I am guessing that neither you nor any other buyers you were competing with are Jay Leno!

Seriously, it gets me when buyers get angry at appraisers for letting them know that they are paying too much for a property. Use the appraisal to renegotiate the price down to $155k and send the appraiser a thank you note for saving you $5,000.

 

[Mr Rex]

Over improvement. Value similar to standard 2 car garage without definitive market data otherwise.

 

[J Grant]

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!!

You are bringing extra $ to the closing, so good for you- appraisers don't tell buyers what to pay, they tell the client what their opinion of value is for the property.

To address your question, a tandem with extra car bays is something I believe typically adds some value for additional vehicle or storage. But how much is the question and if no line adjustment for it, appraiser could consider it qualitatively. As far as the roof /HVAC, it was probably lumped in with upgrades or condition. If any of the comps were updated or upgraded than those particular items would not receive an adjustment.

It's hard for appraisers to evaluate an example like this because we do so in a vacuum, with no idea if any of the comps are superior in location or had pools or are newer etc. In any event best of luck in your new home.

 

[glenn walker]

The appraiser is just too-old-dumb and out-dated to understand utility value and so lazy he doesn't even explain how or why he thinks the oversized garage has no additional value ** We have one dumb-A*** VA guy around here who is like 80 years old and should have been locked up in a dementia center 10 years ago. He comes out to an- $800,000 house and gives the new pool a $2,000 adjustment - I'm like dude you should be locked up and euthanized - The loser then says he is calling VA because he was feeling pressured and I'm like dude there is no value issue with or without the pool but then he forgets the pool issue and starts talking about his 4 years in the Navy.

 

[Mike Kennedy]

If the appraiser does not believe the extra garage space adds value then he needs to explain that. I would explain that the MLS listing shows a 4 car tandem garage but based on the 'kittens in the oven' argument it is really only a 2 car garage and there is no market evidence that the typical buyer would pay any more for the additional space. And i would be sure i had data in my file to support that. So if there really are no 4-car tandem garage sales available and no 2 car garages with an additional 400 SF of snowless space somewhere than perhaps no adjustment is warranted. But the property should be properly described and the 4 car tandem garage reported and explained and analyzed. Not just ignored.

To the original poster, you might position this as an accidental error the appraiser could fix in a reconsideration of value request. You question is not 'why didn't you add an adjustment for the big garage?' Your question is 'why isn't the 4 car garage discussed in the appraisal?' Why is it not reported and analyzed? Why are there no comps with oversized garages or extra garages or extra workshops or something? And your realtors might be able to find some comps with 4 car garages or 3 car garages or something to use to open the discussion with the appraiser.

The emboldened comments hit the nail on the head.

ACTUAL LOCAL MARKET data must be the basis for inclusion (accurately described) of ANY subject property's physical amenities or other elements of comparison (location, view, style, quality, conditions, above and below grade Utility, AMENITIES etc., etc.)

To the OP: He said, she said, they said means nothing. PROVIDE the actual LOCAL market data supporting your opinion re the Parking Utility to your Lender who may:

Review it
Ignore it or
Forward it to the Appraiser for Consideration and possible inclusion in a revised appraisal report.

If you do, kindly revisit us and let us know the outcome. Thanks.

 

[Mike Kennedy]

The appraiser someone used is incorrect. 4 car tandom at 800 sq ft is value adding relative to a standard 400 sq ft 2car.

2 model matches. 1 with 800 sq ft garage and 1 with 400 sq ft. All else equal. The 800 sq ft will command a higher value from the market.

Now, how do you put this into action?

You don't. Your stuck. Nothing you can do about it. Sorry, the way the system is setup.

Not necessarily the case. See my prior post above this one.

Possible end results:
1. no change OR
2. revised report containing actual market-based data to warrant a description correct and at least 1-2 sales, contracted or active listings to support ACTUAL market-extracted adjustments to closed comparables with only 1 or 2 car garages.

Confirmed LOCAL market data rules and demonstrates market reaction/contributory value, OR NOT, not innuendo, supposition, wishing, hoping, demanding or petulance.