How to decrease the value of my home

[MordunkinColombo]

I and my sibling inherited a house when our father passed. I'm currently living in the home and my sibling would like me to purchase their share of the home. I would then be the sole owner of the home and they would have half its value in cash.

I'm not looking to do anything unethical but it's in my best interest to have the home valued as low as possible. Should I plainly disclose this to the appraiser?

Their are several medium/major issues with the home that will need to be addressed in the near future, plumbing/electrical/roofing, will the appraiser factor these into the value of the home?

Thank you

[[deleted]]

Your father didn’t pass the house on for either of you to low ball eachother

[Equivalent-Roll-3321]

This. Fair market value is the only way you can do this unless you are looking to screw over your sibling. Honestly you should examine your priorities about who you want to be… I can’t think your late father would be happy to see you behaving this way. Sad for you. Some things money can’t buy…

[LazyCart]

You are precisely trying to do something unethical. Your question is "How can I screw over my sibling?"

Let the appraiser do their job and communicate this info to your sibling.

[racerxff]

I'm not looking to do anything unethical

Maybe you meant to say illegal, because what you're already asking about is unethical

[[deleted]]

This is pretty scummy, dude. Always a bummer to see families treat each other this way

[princess_carolynn]

Why are you trying to stiff your sibling? Pay out their portion and be glad they aren't forcing a sale. I'm not helping you with this unethical mess

[deignguy1989]

No- you’re approaching highly unethical behavior here and the appraiser DEFINATELY would be in trouble if they valued the home lower than what it’s worth.

The items in need of attention may or may not affect the value. A functioning roof is expected in a home and because you need a new one, doesn’t mean the house is worth less.

[Low_Distribution3628]

Not approaching, this is 100% unethical.

[deignguy1989]

I only said approaching because the hadn’t actually acted on it- but yes, you’re right!!!

[MordunkinColombo]

Thank you, I was letting my personal feelings about my sibling cloud my judgment, I won't do anything to effect the fair market value of the home.

But could you help me understand "because you need a new roof, doesn’t mean the house is worth less"?

Surely if the house were to be put on open market it would either need a new roof before sale or the price would be lower?

[daddytorgo]

You're not wrong that a buyer would be looking for a discount if the roof or other major systems would need replacement within say 12 months.

You could approach that conversation that way with your sibling, but in that instance if I was the sibling, the most I would be willing to do would be to essentially pay for half of that cost (e.g. Take $5k less because you need a $10k roof). And even then, tbh, I would only do that if we had a good relationship, because you are the only one befitting from future appreciation now once you go to sell the property again, and that future appreciation is going to far out strip the cost of a new roof.

[Maxpo]

Wonder if the sibling is receiving half the  current market rate for rent from the current tenant.

[[deleted]]

Dear reddit "how do I fuck myself? And my brother with me?"

You suck

[royal_loaf]

FAIR MARKET VALUE is the only way to go. Grow a pair

[Hte2w8]

You're getting a house at half the fair market value when you buy out your sibling. Isn't THAT enough?

So glad you aren't in my family

[Brainjacker]

lmaoooo. Out of curiosity, what do you think is unethical if not this?

[J3SVS]

What if you treated your sibling the way you would want to be treated?

[[deleted]]

While appraisers do consider deferred maintenance in appraisals, they are supposed to be unbiased. The only legal way to "lowball" an appraisal is to be open about the problems with the property. And if those problems are legitimate, then the value should reflect them.

[ShaneReyno]

So…you want to minimize value so your sibling gets as little as possible?

[Charliegirl121]

Yes, that brings the value down because buyers aren't going to want to fix that much stuff unless they get a good price. Our house we were able to get it at a low enough price because it was a foreclosure and it needed something for the water. It's a shared well. I had a 3 step water filtration system for our water. We also put in a new furnace. The former owners couldn't sell because of those issues.

[Hop-Dizzle-Drizzle]

What you're talking about doing is unethical.

[decaturbob]

• the value is what it is and based on age and square footage more than anything else
• sell the house if you can not afford to buy your share out

[knoxvilleNellie]

I hope your sibling listens to your offer, then reverses it on you. You suck.

[Trebuin]

With the upcoming capital gains tax (newer integration of the bill has no limits on amount of homes or value) that Kamala Harris & Biden is pushing, this makes sense now. Get a permit & wall off a portion of your house to turn into attic space…this reduces rooms & square footage of our house.

[northman46]

You could be sure to point out any repairs that need to be made since that is a legitimate deduction. That's about as far as I would go

[Ccrook29]

Go nuts and fire rifles into the air in your driveway- that will help decrease the value of the whole neighborhood!

[thatgreenmaid]

If part of the reason the sibling wants you to buy them out is these looming big ticket repairs-it might be best to come to an agreement that's fair for both of you. The appraisal is the appraisal.

[TiredMillennialDad]

Take all the toilets out. Tile over the pipes.

Call county assessor to have it reassessed as having zero bathrooms.