First purchase in Texas (SFH w/ garage apt)
Hi Folks,
I'm looking at property in Spring, TX - a newly renovated SFH that the current owner purchased in Aug15 and is looking to flip. The property has a newly renovated ~450 sq foot garage apartment that is above the detached garage. The house is 2100 sq feet (excluding the garage apartment) and in the neighborhood - prices are ranging from $65-80 sq foot. House is listed for around $200k. Tax records do not include the sq footage re: the garage apartment.
The seller's realtor has definitely included this apartment in the value of the property - but I'm curious as to how this situation typically is considered by lenders. I would like to avoid making an offer on the property and then have the bank's appraiser come back with a valuation that does not consider the garage apartment.
Any ideas?