When you are required to sell your home beacuse of a new road instillation, how do that work?
Answer:
The party who is looking at the property will appraise it and make an offer (most times for at least 150% of the appraisal as they want to expedite the process and avoid legal hassles). If you disagree, you have the option to get your own appraisal..you can submit it and they can reject/accept or counter.now if you flat out refuse to sell, they take it to a local court and file a motion for eminent domain..they prove the property is needed for the project, that they made you a market value offer and the judge agrees or disagrees, and if they agree the property is transfered from you to the case is decided..of course this is a long trial process and $$ for both sides, so they will probably offer a nice chunk above your homes value to avoid this and speed things along..time is $$ with construction, they longer they have to wait, the more they pay in cost of downtime and delay penalties
Not sure I understand. Has the local government taken the home by Eminent domain?
The government can exercise a law called Eminent Domain. It allows the government to force you to sell your property in order to benefit the general public at large. The local, state or the federal government can all do that. However, they must offer you just compensation and that is done through an appraisal. They must also offer you reasonable time to relocate. If you doubt the validity of the appraisal, you can hire your you own appraisal or challenge it in court. It looks like Eminent Domain has been invoked on your property.
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