Attached Garage Vs Detached Garage Value?

[Deleted member 152047]

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.

I don't agree, he is the seller. No need for the bank to be the client. Hire your own appraiser and pay the fee. Why worry about $500 when it could cost you thousands??

 

[Joe Flacco]

If you guys don't need the money and he doesn't have much then just let him have the little bit bigger slice.

 

[Hootie]

Well I had the appraisal my bro in law had done viewed by an acquaintance who has been a real estate appraiser for the past 20 years and he saw where things of value were left out of the appraisal which in his opinion undervalued the home by $40 to $50k.Will be having my own appraisal done."QUOTE 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 END QUOTE" As far as giving him a break.....We have allowed him to remain living in the house for past 7 years with us paying half the prop tax and half the homeowners insurance.When we told him he could no longer live there without compensating us and that it was time to sell the house, he expressed ZERO gratitude for what we have done for him for the past 7 years and refused to pay us any kind of rent.So I ask ....Does he deserve a break????

 

[Mike Kennedy]

"As far as giving him a break.....We have allowed him to remain living in the house for past 7 years with us paying half the prop tax and half the homeowners insurance.When we told him he could no longer live there without compensating us and that it was time to sell the house, he expressed ZERO gratitude for what we have done for him for the past 7 years and refused to pay us any kind of rent.So I ask ....Does he deserve a break????"

He already got his 7 year break - next tenant or buyer thanks.

 

[Riick]

As J. Grant says, he's already had a huge break. Use the Solomon solution, you buy out at his price, or refuse, and he is forced to buy you out at that same price.
Equality for all, or was that Equity?

 

[Digger88]

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

this is what i dont get. you mention a "possible" 50k to 70k difference and you feel "forced" to pay for a $500 appraisal which should put your mind at ease? good lord dude happily and cheerfully pay your own money and get your own appraisal and smile while you are doing it. then when appraiser arrives mention all the positives you can.

 

[glenn walker]

Detached Garages "V" Attached Garages : ?

When I first started my appraisal career in the eighties I completed an-appraisal that had a detached garage and I considered it worth more than comps with attached garages of similar size. My logic was it's more expensive to build a detached garage because you where not sharing any walls to the main house. My boss reviewed my appraisal and he said So YOU think a detached garage is worth more ( yes ) and he says well Son it's Friday so here is your weekend survey- I want you to Ask 10 Women and 10 Men weather they prefer Attached garages or detached garages ? "OK" no problem so being a young aggressive talker I asked everyone I bumped into including my wife, mother, sister and people at the church, they were all different ages. ( Below were the results )

Attached Garages All 10-Women Preferred- Reason Safety and wanting to just pull into the driveway , hitting the garage door opener and parking the car. In my area 80% of homes with attached garages have a door that also leads directly into the house so never fighting weather conditions or walking in the dark from the garage to house, also carrying groceries and children from detached garages is a big pain in the A**

Detached Garages 7 of 10 Men Preferred- Reasons given, easier to use as a small shop or work on cars, and some said to use as a safe-zone to get away from wife and kids, have guys over to watch sports and drink beer, work on cars and dirt bikes and basically just a man-cave.

Results Of Interviews given to my boss on Monday morning."OK" so the women preferred attached garages ( yes ) well Son who do you think are the major decision makers when it comes to a house and neighborhood ? Women- There you go Billy at best sometimes it's just best to not make any adjustment because some people like vanilla ice cream and others like chocolate : )

 

[The Bob]

Here's the way I would handle it. The appraisal doesn't matter. I would tell my BIL to make me an offer. If I like the offer, he gets the house. If I don't like the offer, he has to sell to me for the same price. You're at an extreme disadvantage if he KNOWS you want to sell.

 

[Hootie]

Glenn,that is exactly how my appraiser explained it to me.Jim my BIL has already made me 2 lowball offers which leaves me very insulted after allowing him to reside there for the past 7 years.Our attorney claims his offers mean nothing as far as us buying him out for HIS lowball offer legally.I am having the house appraised this week by the appraiser that viewed BIL appraisal and made note of the deficiencies on the appraisal.He thinks it will appraise for approx 40k more than BIL appraisal.For the sake of my deceased inlaws,I will have our attorney send him and his attorney a letter offering him the right of 1st refusal at a figure closer to my appraisal than his PLUS monthly rent from Jan 2018 (when I told him his temporary arrangement was over and he had to begin to pay us to reside there).If he declines or does not reply ,the house goes up for sale immediately and he will also have to pay a daily amount for each day he remains there past the date we give him to evecuate so we can sell.Best I let the attorney handle this as we have made no progress with BIL at all.

 

[Riick]

^^^
I'm no Attorney, but I was a Broker,; I doubt any of what you're proposing in your last post is enforceable.

If the other heir has joint ownership, you're going to need their signature(s) to be able to sell the property.
You get an offer of $X, and they think you can get $X + 15%, and won't sign, you're stuck, no sale.

Truth to tell, any competent R.E. Salesperson will want to know the title status of this estate property, and, once they learn there are 2 heirs, they'd be idiots to take a listing without both signatures on the listing agreement. The listing agreement would be unenforceable.

You'll figure it out eventually.