Unless you default on your mortgage, you typically have the power to determine whether you accept a sale offer on your house or not. Unfortunately, you could find yourself in a scenario wherein you don’t have total control over whether you end up selling your home.
Eminent domain scenarios in Texas involve projects for the public good, like highway expansions. Homeowners and commercial property owners alike can potentially lose the real estate into which they have invested hundreds of thousands of dollars through condemnation if they do not agree to a sale.
Here are a few tips to better ensure that you receive fair value for your property if you are ever faced with an eminent domain scenario.
A professional evaluation will be of the utmost importance
Especially if there are amenities or special factors that increase your property value substantially beyond the value of a property with a similar lot size and home size in your area, you may need professional support if you hope to secure a fair amount of compensation in an eminent domain condemnation scenario.
You can potentially use an appraisal report or a comparative market analysis provided by a real estate agent as part of the process of bargaining with the authority seeking your property. If they are unwilling to cooperate, you can then potentially take the case to civil court.
The courts can help
There are several ways homeowners and other property owners in Texas can respond to condemnation proceedings. They might challenge the use of eminent domain law for the specific project or the idea that their property absolutely must be part of the project. There could be alternative solutions that would also allow the project to move forward. They can also ask for a more reasonable price based on current fair market value of the property in question.
Emotions often get the better of those facing eminent domain claims. They may respond inappropriately, which could harm their case. They might also experience depression at the thought of losing their home, which could lead to inaction and an unfavorable outcome. Having professional support when responding to an eminent domain claim against a property you own can help you protect the property or at least secure a more reasonable price for it.