Most people have total control over the sale of their real property. Whether they invested in vacant land or purchased a residence where they live with their families, they decide when to sell and what price they expect to receive.
Unfortunately, there are some scenarios in which people do not control the sale of their real property. Specifically, property owners may have a legal obligation to sell their property in eminent domain scenarios. If there is a project underway for the benefit of the public that requires their property, they generally have no choice but to sell.
However, those forced to sell real property in an eminent domain scenario should receive fair and just compensation for their property. The authority seeking to acquire the real estate should offer an appropriate price for the property. What can property owners do when the price offered does not reflect what their property is actually worth?
Owners can counter the initial offer
While preventing an eminent domain sale is not necessarily an achievable goal, acquiring a reasonable sale price is. Property owners who receive an underwhelming offer for their real estate typically require two forms of professional support.
First and foremost, they need the assistance of an attorney familiar with the complexities of Ohio’s eminent domain laws. A lawyer can assist them as they negotiate with the condemning authority pursuing the purchase of the property.
Their attorney can educate them about their rights and manage much of the process of communicating with the party seeking to acquire the property. Attorneys can also assist with the legal process of countering the proposed price on the property.
If they are unable to negotiate a fair arrangement on their own, then the matter may need to go to court. At that point, the assistance of a real estate professional could prove invaluable. Estimated fair market values provided by real estate agents or appraisers can serve as evidence that the eminent domain purchase offer is inappropriately low.
The party seeking to acquire the property may be unaware of features or improvements that make the property more valuable than it appears from the outside. Particularly when the owner has occupied the property for years, the information available online may not accurately represent the property’s current condition and fair market value.
With appropriate support, it may be possible to obtain a more reasonable sale price in an eminent domain scenario. Getting help as early as possible when facing eminent domain sales and condemnation proceedings can help real property owners recoup what they have invested in the property that they must sell.
