R.E. Appraisal advice needed

[mcsquared]

I ask this here because from all my lurking I have discovered that some maggot somewhere knows the answer to every question ever asked. I even think somebody on here is an appraiser in Denver but I can't remember, or find, who it is.

Here is my situation. My house basically sits on the north half of a double lot. So my mortgage covers the entire parcel. I want to subdivide the property into two pieces so I can sell/develop the vacant half. I have already gone through the subdividing process with the city. And I am in the process of refinancing the property so my mortgage covers the occupied half and I own the vacant half free and clear.

But here is my problem. The previous owners built a 4 car detached garage on the lot right smack dab in the middle of the property. I intend on demoing the garage and building a new 3 car garage entirely on the north half of the lot. Can I ask the appraiser to appraise the property as having a 2 car garage even though the 2 car is really half of a 4 car which is crossing the property lines?

I don't want to ask the appraiser to do anything shady but I need the value of the property to be a certain amount so I can have 20% equity. So I need the garage for value reasons.

Woo, that was long winded.

[Stone-Free]

PM sent...

[vichenzo]

http://www.mortgagefraudblog.com/ind...rtgage_broker/


You can check with this chick I bet she can get the value needed...lol

[smitchell333]

If you have architectural plans for the garage and survey(s) showing the properties as separate - slam dunk.

If not its still likely - just talk with your lender - you'll probably need to use their appraisor.

[mcsquared]

If you have architectural plans for the garage and survey(s) showing the properties as separate - slam dunk.

If not its still likely - just talk with your lender - you'll probably need to use their appraisor.

?? I have a survey showing the current garage located on the current, larger single parcel, and I have a site plan showing the proposed garage on the new, smaller parcel. I am waiting on a permit to demo the old and build the new. Will the appraiser scoff at having the current garage crossing the lines or since I have plans to build will he/she base the appraisal on what I propose to build?

[RootSkier]

I can't say what your appraiser might do..but my first thought is can you save the garage? Assuming you want to, and it is good condition, you might be able to do a bounday line adjustment. By keeping the size of both lots the same but adjusting where the line falls, it can sometimes be much easier, faster, and cheaper than removing/rebuilding a structure.

[mcsquared]

I can't say what your appraiser might do..but my first thought is can you save the garage? Assuming you want to, and it is good condition, you might be able to do a bounday line adjustment. By keeping the size of both lots the same but adjusting where the line falls, it can sometimes be much easier, faster, and cheaper than removing/rebuilding a structure.

I thought about that and tried to make it work but I don't think it is going to happen. This is a relatively small lot but larger than most in my neighborhood. I basically own 75' of frontage and all the other houses in the area are on 25' wide lots. I want to split the 75' into 42' (my house) and 33' (vacant). The 40' wide garage accessed via the alley in back is about 16 feet onto the vacant portion. Since it is so narrow there aren't a lot of options. I want to kick the former owner in the nads for putting the garage where he did.