I offered to sell my corner lot to the village I lived in but they are choosing eminent domaine instead. I don't mind the whole eminent domaine process because I expect fair market value but I'm wondering who determines what that would be.
2007-07-05 12:17:34 · 2 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Eminent domain property purchases have a value set by a professional appraiser(s). You may dispute the value placed on such a property for purchase, but the values are generally well supported by the appraiser's comparable values research.
2007-07-05 14:20:38 · answer #1 · answered by acermill 7 · 0⤊ 0⤋
The problem with eminent domain is THEY get to decide what is fair market value not you. And they sometimes undervalue what the rest of us value. There was recently a case in Ohio where the owner sued because they were not paid "fair market value" they did win the court case but it took 2 years.
To determine fair market value they should run comparables of how much land in your area is selling for. If I was you I would use the internet and do your own comprables to be sure you are getting the right value
2007-07-05 19:34:55 · answer #2 · answered by Kay 3 · 0⤊ 0⤋