Attached Garage Vs Detached Garage Value?

[Hootie]

Forgot to mention,pretty relevant.House is in the name of Trust,my wife is THE Trustee as well as the exectutor (trix) of moms will.Mom knew the deal with her son.My wife was also willed "contents" of the estate meaning everything in the house including vehicles.So its not quite 50/50.My wife and I also burried both of her parents,put a new roof on their house and carpeted the house to be safer for mom to get around ,all while my BIL stood around with his thumb in his butt living there rent free ,not parting with a dime.The trustee makes the decisions including sale of the house with no input from anyone.As per our elder law attorney that set up the trust.

 

[J Grant]

Many of us have experienced leeches, family and otherwise. Good luck, balance it all out, $ vs aggravation dealing with the bil

 

[Hootie]

excellent description J.Grant!! a Leetch..Exactly.

 

[Hootie]

Had the house appraised yesterday.Appraiser was thorough and will have report for me within a week .His quick estimation is approx $50k more than the appraisal my Bil had done.My appraiser said that in the Bil appraisal there were value references purposely left out and the comps used were not comparable.One comp he referenced was a house on the same block which was listed as 2 bedroom 1 bath,1 car garage ,no basement, with unfinished upper level.Our house is 4 bedroom 2 1/2 bth 2 car attached garage with full unfinished basement. .Outside of a similar look from the street the 2 homes are not comparable.My appraisers opinion of my original question about attached vs detached garage was that in our area the attached is much more desirable and valuable.My assumption is that my Bil appraisal had the detached 2 car garage was incorrectly written on purpose to lower the value on the appraisal.

 

[ucbruin]

I hope everything works out for both parties....

On a side note....
I'm uncomfortable reading that the appraiser you hired reviewed your brother in law's report and commented on a value prior to completing his report....

Again good luck to all of you since you are family...

 

[leasedfee]

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.

Yes, yes, and yes. This is called the Great Divide technique and it is based on mathematical "game theory". As a kid, it ended squabbles between my brother and I over how to divide the last piece of pie. It also worked for the billionaire Elghanayan family to divide three ways a very large complex New York City portfolio (NY Times).

 

[Deleted member 128537]

I understand your frustration. Remember the following things:
1). You will pay a commission on the sale of the house by a realtor. So let’s say it is appraised for 500,000 and you have to pay 30,000 commission. Well that pretty much take care of the 40k difference in value. Just saying. I have no idea how much it is worth.
2). How long will it take in your market to sell the house? Taxes, interest lost, etc plays into that.
3). If your BIL has to buy the house will he qualify to buy the house? No guarantee. What’s his credit score and income like. If he is the kind of “leech” you say there may be a reason for it.

I had a similar situation when we sold land of my wife’s parents. The first appraisal was crap. I’m not a farm land expert but I could tell just by the comps and the analysis it didn’t hold together. My sister-in-law wanted to keep part of the land (which was fine for us), but wanted to use the first appraisal. I said absolutely no way. We need another appraisal of that land she wants to keep. I told everyone involved that after looking at the comps this land was going to sell for $1000 per acre more than the appraiser estimated. Sure enough it did. We were glad about that, and my sister-in-law got a bit of a break. But we didn’t have to pay commissions on the sale of it, and frankly it all came out in the wash.

PS. I don’t make any value differences for detached and attached garage in my market. No real basis for doing so by the numbers.

 

[Joe Flacco]

$50k / 2 = $25k. If you guys meet in the middle it is $12.5k. $12.5k or $25k is not a lot of money. Not anything worth burning bridges with family over.

 

[BarbaraNJ]

If your wife is the sole Trustee, she doesn't have to have her brother's consent or signature to sell the home. I suggest rather than argue about the value, just list it for sale. Your brother in law can bid on the house just like anyone else. The market will determine the value and if your brother in law doesn't make (or refuses to make) the highest bid, then he didn't really want to pay market value for the house.

 

[Deleted member 130081]

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

It depends. The question to ask yourself is if the market would expect an attached garage or not. Obviously, an attached garage is always going to be more desirable than a detached, but does that translate to dollars? I have found in many markets around here the answer is no however, there are certainly markets around here where the answer would be yes.

The more important thing to do is get your own appraisal. Not just for the silly garage, but for the entire property. We are not going to be able to appraise your property on this forum for you.