My husband and I met as neighbors. We became engaged in 12/04 and in 01/05, we (& our entire block) were sent papers from IDOT indicating that our homes were under eminent domain due to a corridar connector. I tried to sell the 2nd house but no-one was interested because of the eminent domain issue. I appealed to IDOT for a financial hardship that they have placed on us and they granted an early buyout. It will be several months before it takes place. They indicate that they will offer fair market value based on an appraisal and title searches, etc. I have heard so many horror stories on eminent domain!
Do you think I will get a good honest offer? Should we be compensated for our losses? We're having trouble renting out the house because people don't want to live there month-to-month. Now, we have 2 mortgages, an empty house, and the eminent domain issue. What's the worse case scenrio? Your thoughts or experiences with eminent domain are greatly appreciated.
2006-10-23 09:34:26 · 7 answers · asked by kimmer 3 in Business & Finance ➔ Renting & Real Estate
Get an idependant appraisal to be sure they are paying a fair price. Get a lawyer to see if you can have them reiumburse you for the interest and taxes you had to pay while waiting for them.
2006-10-23 10:02:11 · answer #1 · answered by Anonymous · 1⤊ 0⤋
I am an appraiser in NY that deals with these types of properties all the time. My advice is to first consult a real estate attorney. Many people are not familar with how the contracts work. When they offer to purchase your property you must indicate in what time frame they will close the contract. I have seen many times where the governmental agency will offer the property owner a price today and not close the contract for a year or two. In that time frame the value has gone up and you will end up with the short end of the stick. Also, do not opt to list the property with a realtor. Most likely no one will purchase your property and if the municipality buys it you will have to pay a commission to the realtor, when you could have done it by yourself.
You can get an independent appraisal and try to fight it but it's most likely will not be worth it, the time and money for a few thousand dollars. If your property is worth millions and you feel you are being short changed then it's worth it.
My advice would be to either to rent it out cheap and fork over a few hundred dollars a month to keep the house from foreclosure or to get the municipality to purchase it asap. Those are your only two realistic options.
2006-10-23 17:27:44 · answer #2 · answered by tianaramal 4 · 0⤊ 0⤋
I own property in Indiana and this is going own with some of the neighbors where the houe is they all went together to put there property up for commercial property and approaching the state to buy it before it is developed and they will not be able to obtain it at a reasonable rate as residential propeerty putting the state out of alot more money. Try getting hold of a land developer to consult with and attorney to consult with.Make sure you get the most possible amount out of your house you can. The neighbor to my place has been waiting since 1999 for this to happen. Good luck to you.
2006-10-23 15:01:57 · answer #3 · answered by WILLIAM W 2 · 0⤊ 0⤋
I agree with the above answers...you NEED that attorney. Also look into the IDOT's plan to see when they plan on moving dirt of this corridor (it may take them 2 years before they are ready). Then TRY to rent the house ,month to month, even if it covers the mortgage, then renters cover utilities, etc (at least, its a roof over someone's head), or take the buyout!
Good Luck!!
2006-10-23 12:18:32 · answer #4 · answered by nvradullmowmnt 2 · 0⤊ 0⤋
No. Eminent area isn't about utilising the land to the ultimate conceivable use. that's use is even as that's going to benefit the community. often, that's used for increasing a street, construction a sparkling fireplace station, and many different such issues. many years in the past, there develop into even a case about a city procuring land through eminent area, and then turning it over to a private developer to construct a sparkling convention center. there develop right into a huge case about it, and the courts (all a thanks to the U. S. splendid court) stated that the tax money generated from the convention center does income the community. also, even as they can take the land faraway from you, they do ought to grant you straightforward marketplace cost in compensation.
2016-10-16 06:06:35 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Sorry if this sounds like a cop out, but you REALLY need a lawyer for this one. A consult should cost about $100, but it will be well worth it for your piece of mind.
Hope it turns out well
Joe
2006-10-23 09:56:42 · answer #6 · answered by Joseph G 6 · 1⤊ 0⤋
Worst case scenario: The project falls through and they never buy the property, but the public doesn't realize that the deal is dead and won't rent it or buy it.
2006-10-23 10:01:11 · answer #7 · answered by kingstubborn 6 · 0⤊ 1⤋