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02421 : Real Estate Advice

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  • Home Buying5
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Activity 6
Thu Jul 14, 2016
Neishababy89 asked:
Mon Nov 10, 2014
Joseph Fassari answered:
The answer from an appraiser. Highest and best use comes into question. Hypothetical reasoning can conflict with actual use. Not known is whether there is interior access. If not the cost to cure by conversion to a single family unit and creating interior access. Occupancy issues to current zoning will come into question with single family use. Some municipalities allow accessory kitchens for an in law apartment or other family use with a second kitchen and still be called a one family dwelling. Zoning just does not want homes chopped up into smaller sections unless allowed for the fear of occupancy issues. In my area of expertise I often find that two family dwellings are often not cared for and suffer obsolescence from deferred maintenance thus lower values than single family homes. Since most multi family homes are located in higher density areas external obsolescence must be considered. I would seek a real estate agent to comp out the home as a single family dwelling. If better comps are available seek a reconsideration of value based on a hypothetical assumption. And by all means create interior access so there is no cost to cure. A privacy door can utilized. The look and feel of a one family dwelling will come into question and its actual cost to cure to make it comparable to other single family homes similar to its original style. ... more
0 votes 20 answers Share Flag
Tue Jul 23, 2013
Greer Swiston answered:
The specific laws do differ a bit from state to state. I don't know if Washington state has them, but in Massachusetts, we have real estate attorneys who will work for a fixed fee. Also, when your brother "signs over" the property, there does need to be monetary consideration in order for the transaction to be binding ... a dollar is acceptable consideration.

Good luck!
... more
1 vote 4 answers Share Flag
Tue Apr 3, 2012
answered:
This would be the lender' call. You don't own the business but you took expenses against this part time job. I would think if you can prove the dissolution of your relationship with both property and business without further need of either you should have an argument. If you have an established income for the past two years and no future debts or obligations for this business, then you should be able to leave it behind. I would be happy to speak with you off line.

Best of luck
... more
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Tue Apr 3, 2012
Pibs answered:
OP- We were able to quickly file our 2011 taxes and show the sale of my assets (the riding lesson horses). The show an S next to them on the taxes indicating they were sold in that year. This solved the issue. We did, however, lose that house purchase as it was a bank owned property and that would not grant us an extension. Thank you all for the input. ... more
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