Attached Garage Vs Detached Garage Value?

[Hootie]

New to forum!! 50% owner of an inherited home.We are looking to let other 50% owner(brother in law) buy us out.Other owner had an appraisal done.Knowing my brother in law I already assumed there would be a hitch in the appraisal.He is always looking for an angle to come out ahead instead of being fair.He has already made us 2 "lowball" offers and has told us that he had real estate agent come to the house and stated that the house would sell for a figure.This figure is way off 50-75k of what the house will sell for.So clearly my brother in law cannot be trusted.The appraisal he had done made mention of a 2 car dethached garage while the home has a 2 car attached garage.Wondering which is more value on an appraisal.The home is on a dead end street and the back yard borders a nature preserve .Both of these I view as a plus in value and were both not mentioned in the appraisal.I am forced to having my own appraisal done.Are my suspicions about this appraisal warranted?? Thanks in advance

 

[J Grant]

New to forum!! 50% owner of an inherited home.We are looking to let other 50% owner(brother in law) buy us out.Other owner had an appraisal done.Knowing my brother in law I already assumed there would be a hitch in the appraisal.He is always looking for an angle to come out ahead instead of being fair.He has already made us 2 "lowball" offers and has told us that he had real estate agent come to the house and stated that the house would sell for a figure.This figure is way off 50-75k of what the house will sell for.So clearly my brother in law cannot be trusted.The appraisal he had done made mention of a 2 car dethached garage while the home has a 2 car attached garage.Wondering which is more value on an appraisal.The home is on a dead end street and the back yard borders a nature preserve .Both of these I view as a plus in value and were both not mentioned in the appraisal.I am forced to having my own appraisal done.Are my suspicions about this appraisal warranted?? Thanks in advance

Detached vs attached could have been an error...normally there is not a lot of difference in value. Backing a nature preserve usually is considered a plus for view, and should have been mentioned. You won't really know about the qualit of his appraisal till you have our own done. Would also help to have a couple of agents come look at it...they can price properties differently than appraisers value it, though ideally the two have a reasonable relationship...their insight though if you can find a couple who specialize in the area is they give you a basic idea bout plus and minus of your property as well as the view . There is so much online info now on Zillow and Trulia, you can look up sales in your subdivision over th3 past 2 years and get an idea from that as well.

 

[Terrel L. Shields]

Get your ducks in a row, go to bank. Get their appraiser to value it. Then show bro the appraisal. Then let bro set the price and you will either sell out at that price or buy him out at that price...Your financing is in place then just do it and remarket it.

 

[ucbruin]

Since the OP included language characterizing brother-in-law.....

I'm going to ask if sister or sister-in-law is also untrustworthy....

 

[Hootie]

Since the OP included language characterizing brother-in-law.....

I

Since the OP included language characterizing brother-in-law.....

I'm going to ask if sister or sister-in-law is also untrustworthy....

Get your ducks in a row, go to bank. Get their appraiser to value it. Then show bro the appraisal. Then let bro set the price and you will either sell out at that price or buy him out at that price...Your financing is in place then just do it and remarket it.

Brother in law already made 2 lowball offers prior to him getting the appraisal which also seems low and incomplete.Currently having his appraisal looked at by my appraiser and so far my appraiser agrees that it is low and incomplete . { QUOTE 'm going to ask if sister or sister-in-law is also untrustworthy....

As far as sis in law(his wife) BIRDS OF A FEATHER...... his Sister is my wife.We only want what is fair to both parties involved.We already own 2 homes free and clear and am trying to give him the opportunity to buy us out because my late mother and father in law would have wanted one of their children to own the house and my wife and i are not interested in living there. If I wanted what is best $$ for myself and my wife ,i would put the house on the market and wait for our price and net us out more money.Pleanty more to this story

 

[ucbruin]

As far as sis in law(his wife) BIRDS OF A FEATHER...... his Sister is my wife.We only want what is fair to both parties involved.We already own 2 homes free and clear and am trying to give him the opportunity to buy us out because my late mother and father in law would have wanted one of their children to own the house and my wife and i are not interested in living there. If I wanted what is best $$ for myself and my wife ,i would put the house on the market and wait for our price and net us out more money.Pleanty more to this story

It's awful when you can't trust family....
But it happens.....
Good luck to you....

 

[Carnivore]

I dont know how large the Estate is but it would be wise to have an appraisal done for Tax purposes. I.E the IRS. They use a slightly different Definition of Market Value. Personally I don't think it makes a difference BUT to the IRS it DOES mean something. I also suggest that you get a highly qualified Appraiser. There not cheap, but if somehow this were to go to court you want as much an edge as you can get.

Sorry for troubles, good luck to you. Sorta went though something like this about 7 years ago with a family estate. Our Problem was the Executor hired an incompetent RE Broker. We had an excellent offer from a large industrial type and the they needed time to get zoning issues, etc taken care of first... The idiot broker did tell my Cousin that you get CASH up front for taking a property off the market for a extended period of time. So we missed some opportunities to sell it but RE Tax's were so high it really ate into the bottom line waiting,

Good Luck again to you.

 

[Riick]

Then let bro set the price and you will either sell out at that price or buy him out at that price.

That's the best solution to keeping the other party honest.
You let him set the price, then *YOU* have the choice to either
(a) Accept & buy him out at that price, or
(b) Decline, & he buys you out at that price.
In that situation, he's in a fix, he's not going to make the number too high, or too low.
Beautiful play.

 

[Mike Kennedy]

" having my own appraisal done" - ALWAYS do this <<<<<<

 

[J Grant]

As far as sis in law(his wife) BIRDS OF A FEATHER...... his Sister is my wife.We only want what is fair to both parties involved.We already own 2 homes free and clear and am trying to give him the opportunity to buy us out because my late mother and father in law would have wanted one of their children to own the house and my wife and i are not interested in living there. If I wanted what is best $$ for myself and my wife ,i would put the house on the market and wait for our price and net us out more money.Pleanty more to this story

Sometimes family is worth more than $. How much to push for a MV price vs giving him a break for some equity is up to you and your wife. If you already own 2 houses free and clear and he is struggling ( if he is, ) nothing wrong with letting him have the house for a bit less than it is worth. But if he is not struggling and just trying to undermine you financially, that is another story. Families do gift each other equity or sell or divide properties to each other below market value if it's meaningful for them to do so. That's a personal matter...best of luck whatever you decide.