What Are Eminent Domain and Condemnation Appraisals?
By law, different public entities have the power to condemn a piece of private property or take it for public use, which is known as eminent domain. While the property owner has limited recourse, the government must pay just compensation.
Since both parties are likely to have different viewpoints on what constitutes “just” compensation, an honest and objective appraisal of the property is necessary for determining fair market value.
Who Can Levy Eminent Domain or Condemnation of Private Property?
- The federal government
- State Governments
- Local Governments
- Third-parties that serve public functions like utility or road construction companies
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Why A Good Appraiser is a Good Idea
- Property owners want just compensation and an objective appraisal.
- Government or third-party entities want a quick transfer of ownership without paying above-market prices.
- Second opinions matter:
A property owner may seek an independent evaluation if they believe the government or third-party’s appraisal assesses their property below fair market value.
- Qualified representation in a court of law:
An appraiser must often testify about their findings. Because of the high stakes involved in eminent domain and condemnation cases, having an experienced and reliable appraiser is paramount.
- When things get complicated:
Sometimes the process of eminent domain or condemnation becomes complicated when the seizing party does not claim the entire property. This makes the appraisal more challenging – and crucial to get right.
Why Choose Authority Appraisals
At Authority Appraisals, we routinely perform condemnation appraisals for both sides. Whether you’re a private property owner or a public entity, we can provide an accurate, credible and detailed opinion of value for the property in question.
For more information about condemnation and eminent domain appraisals, please Contact Us. If you are ready to get started, please complete our Order an Appraisal form and we will contact you with a free appraisal quote.
Authority Appraisals also can offer professional Brokerage Services under our sister company Rhodes & Associates Realty. For more information on our Brokerage services please visit us on the web at www.Rhodes-Associates.com
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