Devalue a home?

#1
Yes, thats the question here.

Long story short. My cheap ass cousins are looking to take 1/2 of my grandmother's house from my dad since his brother passed away. They are shooting themselves in the foot by having another evaluation done on the house. Three years ago the house was valued around the 400's. The split wasn't agreeing with my cheap ass cousins so they want the house re-evaluated. I know the house would probably be lower but is there a way I can make it lower than it is now? Put down roach traps, mouse traps, etc?
 
#2
Who is doing the evaluation? A Estate of some kind? It there an issue where a Court had to decide what happens next?

I have a ton of questions.

The bottom line is if your side is keeping the property, you're ahead of the game.

If the property was appraised 3 years ago in the 400's, you would be surprised how low the appraisal will come back.

Other than crossing your fingers, an appraisal will be based on three similar properties in the vacinity.

There are many very dirty tricks, but I may feel guilty by disclosing them.
 
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#4
Please tell Scott. Its always about money. My cousins never helped grandma. Never shoveled the snow, took her out, etc. It was always me and my dad.

They hired an real estate agent which was in the area somewhere. Thats all I know. Anything that can help me would be appreciated!
 
#5
Real estate can't do an appraisal.
They can only do a "comp" and come up with comparative sales in the area.
Usually trying to get a listing and set a selling price.
 
#6
From what I hear, I can get a bank appraisal..and if they see the insides of the home, the will be devestated. Grandma had stuff in there since 1950!!
 
#7
From what I hear, I can get a bank appraisal..and if they see the insides of the home, the will be devestated. Grandma had stuff in there since 1950!!
What I'm trying to figure out is whether this is a one sided situation. Is this a court ordered action? If not and they are getting appraisals(true, RE can only to comps., but appraisal companies find the true value) or the comps.

Your side can get an appraisal co. to come up with your own figure, hint, hint.
 
#8
Sidekick,

Give me a little more info regarding how the other party is getting money from this property.
Let me know if this is just an agreement between family members or it is in probate court or the like.

Your party has the right to get your own appraisal for a few hundred dollars that can be made to look lower.

If the house is a mess it is irrelevant, if the bathrooms and kitchens are 60 years old that will be a variable in the appraisal.

Water coming in through the foundation is a variable and easy to fake if done right.

Give me a little more detailed info and I will be gtlad to help.
 
#9
Give me a little more info regarding how the other party is getting money from this property.
Let me know if this is just an agreement between family members or it is in probate court or the like.

Your party has the right to get your own appraisal for a few hundred dollars that can be made to look lower.

If the house is a mess it is irrelevant, if the bathrooms and kitchens are 60 years old that will be a variable in the appraisal.

Water coming in through the foundation is a variable and easy to fake if done right.

Give me a little more detailed info and I will be gtlad to help.
Scott,
I don't know the terminology for probate, etc but the cousins want 1/2 the house and I (me and my dad) are keeping the home. We trying to buy them out.
The house is a MESS, old carpet, cobwebs everywhere, furniture is old and smells (grandma had things rotting in the fridge). We did try to clean things up just for sake of cleanliness but you can tell everything needs to be redone as the kitchen, etc. Its a ranch style house if you want to call it. You have to step up like 8 steps to get to the house, then another 8 to get to the first floor, or go down 8 to the basement.

The water plan sounds good. I'll drop a bucket of water in there to seem that there's a leak somewhere. Sounds good. Anymore ideas? :)

btw, much appreciated on the tips
 
#10
Scott,
I don't know the terminology for probate, etc but the cousins want 1/2 the house and I (me and my dad) are keeping the home. We trying to buy them out.
The house is a MESS, old carpet, cobwebs everywhere, furniture is old and smells (grandma had things rotting in the fridge). We did try to clean things up just for sake of cleanliness but you can tell everything needs to be redone as the kitchen, etc. Its a ranch style house if you want to call it. You have to step up like 8 steps to get to the house, then another 8 to get to the first floor, or go down 8 to the basement.

The water plan sounds good. I'll drop a bucket of water in there to seem that there's a leak somewhere. Sounds good. Anymore ideas? :)

btw, much appreciated on the tips
Is the house connected to sewage, or does it have a septic tank/leech field?

The house you are describing sounds like a split ranch.

The bottom line is that when someone is appraising the property, they are looking more for the recent sales of similar properties. Of course, you can hire your own co. and show it's value as being less.

If it was my property and I was being mistreated , I would go to great lengths to really fuck thing up, excuse the language, perhaps a major flood from an upstairs pipe, or a small electrical fire. How dirty do you want to get? I have plenty of ideas, but ask yourself again, how dirty do you want to get?
 
#11
Well the cousin's real estate person is coming thursday so I don't know what I can do in 2 days. Certainly if I made a fire in there, they would know its fresh.

I need small things that I can do. I guess the water is one thing. I told my dad to tell them when the rain hits the side door, it leaks in. Been trying to find a fix for years! LOL
 

wolf5958

lil Fuzzybear
#12
Scott,
I don't know the terminology for probate, etc but the cousins want 1/2 the house and I (me and my dad) are keeping the home. We trying to buy them out.
The house is a MESS, old carpet, cobwebs everywhere, furniture is old and smells (grandma had things rotting in the fridge). We did try to clean things up just for sake of cleanliness but you can tell everything needs to be redone as the kitchen, etc. Its a ranch style house if you want to call it. You have to step up like 8 steps to get to the house, then another 8 to get to the first floor, or go down 8 to the basement.

The water plan sounds good. I'll drop a bucket of water in there to seem that there's a leak somewhere. Sounds good. Anymore ideas? :)

btw, much appreciated on the tips
The value of the house is based on a couple of things (just went through this with my mom's house)

Yes the appraiser will look at recent sales of similar homes in the area, also any out dated rooms such as the baths and kitchen. Any major flaws in the building such as in new of a roof or visible rot. Cosmetic things such as pain and cleanliness do not really add or detract from the value. They are actually looking at what mortgage could be given on the house in the case of a sale.

You could if you want to cause some plumbing leaks and other damage such as that, but it will not be that big of a devalue and if you plan on keeping the house you'll have to repair anything you break.

If you want to see what the value of the home is and others in the area go to zilla.com and you will see what the current market value of the home is..

Wish I could give you more help but any thing you do now will be picked up as recent and could cause you more problems.
 
#13
Well the cousin's real estate person is coming thursday so I don't know what I can do in 2 days. Certainly if I made a fire in there, they would know its fresh.

I need small things that I can do. I guess the water is one thing. I told my dad to tell them when the rain hits the side door, it leaks in. Been trying to find a fix for years! LOL
A rain leak at a storm door isn't worth mentioning. Let's see wha happens in the next few days. The "real estate person" won't take long to come up with comps., regardless of how accurate/inaccurate depending on who is paying for their services.

Let's see what # they come up with and then you get your own RE to come up with a figure.

Before this thing gets messy, let me know and I have some advice. Good luck.
 
#16
Sidekicks
Don't do anything that you could be braking the law with.
Arson guy s are really top nothch & you don't want to go there.
Is there a homeowners policy on it now?
Anyway back to a Real Estate Comp again,they don't get paid for it and it is not valid for a mortgage or court.
You need to get a Licensed Real Estate Appraiser.
Still a lot of questions here.
Are the cousins legally entitled to a share? Forget about what they want!
Is there a will & what state is it in?
If there is a will that could clarify who is supposed to get what.
They might be entitled to nothing
Are you a closer relative than they are?
That might matter as well!
Are any of you living in the house?
Have mail sent to you there and bring in some of your clothes or posessions.
That will establish your occupancy.
Once you have established occupancy. They have to go through eviction.
I was just at a presentation on this last night.
You can change the locks and stall their Real Estate Person or Apprasier.
Make sure to get a card from the Real Estate. so you know who to go to, just incase the cousins try to blindside you & list the house for sale.
There are real estates that won't press for proof of ownership.
They just want the listing so they can get their piece of the sale!
You can put an exclusion in that they get nothing if you find the buyer.
Also a listing should NEVER be given for more than 9- days. this way if the Real Estate doesn't perform as promised. You can give it to someone more aggressive.

Again though the more facts you give to those trying to help you here. the better the strategy that the membership can offer!
No Matter
GOOD LUCK!
 
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#17
oh man magic. Its way late for me to give you all this information.

Like I said before, grandma passed, dad and uncle (his bro) were in the will, will was never changed, uncle died, then grandma. uncle had 2 sons, they are entitled to the house. Dad wants me to keep it. The only people who win are the attorneys. They get the $$ at the end.

I'll elaborate more later on.
 
#18
Sad but true sidekicks
Good luck.
See if you can come to some kind of comprmise with them without the attorneys
Ther are some mediation services, that deal with otherthings than divorceandare muchcheaperthan going thelegal route from what I have heard
 
#19
Since I never met a realtor who wasn't a sleaze (sorry to any UG members who are realtors - I'm sure you are different) let the real estate put a price on it. Get the real estate that puts the highest price. The price the real estate puts on it which will be too high because they want the listing.

Tell them you changed your mind about absolutely wanting to stay there if the price is right

Let the real estate put the house up for sale with the provision that all owners have to agree on the price and that if the offer is too low you have the right to buy them out at their share of the offer price. When that happens make sure that all is being sold is the half that you don’t own and they will be responsible for commission on their half.

Make sure a lawyer writes this up right.

Disclaimer:Genius is not a legal type but he knows how people work and knows how to play chicken.
 
#20
Since I never met a realtor who wasn't a sleaze (sorry to any UG members who are realtors - I'm sure you are different) let the real estate put a price on it. Get the real estate that puts the highest price. The price the real estate puts on it which will be too high because they want the listing.

Tell them you changed your mind about absolutely wanting to stay there if the price is right

Let the real estate put the house up for sale with the provision that all owners have to agree on the price and that if the offer is too low you have the right to buy them out at their share of the offer price. When that happens make sure that all is being sold is the half that you don’t own and they will be responsible for commission on their half.

Make sure a lawyer writes this up right.

Disclaimer:Genius is not a legal type but he knows how people work and knows how to play chicken.
No comment. I eat chicken and play with people.
 
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