We live next to two schools, and the school department is looking to tear them down and build a bigger new one. We just got a letter in the mail asking if we would be interested in selling our house in order for them to expand the site. Would they necessarily give us more than the value of the house because they specifically want this land? I'm curious why people would every say yes to this unless they ended up getting a great deal. Also, what are the chances that they're just able to take it (eminent domain) ??
2006-10-22 03:06:36 · 5 answers · asked by Matt C 1 in Business & Finance ➔ Renting & Real Estate
They will at least give you the fair market value. School districts pretty much have to do this. In fact, any govt agency has to offer this first. THEN if you don't take that offer, THEN they can go to court and TRY to get it by eminent domain. But that's a big IF. They may not win there case at all.
But I think you should be listening to their offer, and perhaps consider selling. These schools may well put up a GIGANTIC set of buildings on either side of your house, and then you property value may welll go way down. So that is why people should consider the offer.
Why do you want to stay so BAD! To live between TWO schools can't be all that great!
Just practically thinking, but NOT legally, as I'm no lawyer, I think they have a pretty good chance at the eminent domain arguement. But even if they win that arguement, they'll still pay you the fair market price for it.
In your position, you don't have much to gain, but you also don't have much to lose. You'll be treated fairly.
About your only other option is to look into actually picking up and moving the house down the road to an empty lot. The school district might consider paying to do that, as all they really want is the land. It all depends on the bottom line: is it cheaper to pay you to move the house, or is it cheaper to tear down the house? But don't get too excited; as it's probably cheaper just to bulldoze the house.
And either way this goes, sell or not, this is no instant milliionaire payday for you. That's now how it works. But you should at least listen to their offer, as it might be higher than you expect. (It's a lot cheaper to give you a slightly higher price for your house, than to go to the courts). Listen to them, at least do that.
You can decide later to say yes or no.
2006-10-22 03:25:59 · answer #1 · answered by MrZ 6 · 0⤊ 1⤋
They should offer you fair market value, not more. If they really needed the land for the school as opposed to a nice to have parcel that this seems to be they would have already played the eminent domain card in most jurisdictions. Talk to them you have nothing to lose yet, but involve a real estate lawyer.
2006-10-22 03:17:24 · answer #2 · answered by sjj571 4 · 0⤊ 0⤋
I would sell now before they play the eminent domain card and take it from you for less.
2006-10-22 03:14:14 · answer #3 · answered by F T 5 · 1⤊ 0⤋
The chances are, sadly, that ultimately, you won't have a choice. In UK it's called compulsory purchase. They only offer the market value.
2006-10-22 03:14:01 · answer #4 · answered by lou b 6 · 0⤊ 0⤋
they will take it from you, if you don't sell it, and if you make them take it they will give you much less than they first offered. Start looking for a new home.
2006-10-22 03:09:28 · answer #5 · answered by eyew@nnacoolnick 3 · 1⤊ 0⤋