California has seen massive expansion in recent decades. Infrastructure projects are constantly in development to improve transportation safety and provide other key public services. Some of those projects require real estate that currently belongs to private individuals.
Highway expansions, for example, may require the acquisition of residential and commercial real estate. Property owners usually do not have any control over whether or not the state includes their parcel in a project intended for the public benefit.
However, they do still have certain rights when receiving an offer related to an eminent domain scenario or facing condemnation. The right to reasonable compensation is one of the most important rights granted to individual property owners in such scenarios. What if an offer made to acquire a piece of real property is too low given the market and the property’s condition?
Owners can challenge the price offered
The rules for eminent domain sales and condemnation in California are very clear. Condemning authorities have an obligation to offer a fair market value for any properties acquired from private owners for public projects. The amount offered may reflect a cursory analysis of comparable sales and may not reflect the actual value of the property.
It may be possible for a frustrated property owner facing potential condemnation to take the matter to the civil courts. They can work with an appraiser or another real estate professional to establish a reasonable fair market value for the property.
Prestige finishes, interior remodeling and other considerations can increase the reasonable fair market value for a property at risk due to eminent domain. Property owners who can document what their holdings are actually worth can potentially go to court seeking a more appropriate amount of compensation or the sale of the property.
In cases where the offers on multiple properties seem unreasonably low, local property owners may need to look into recent local transactions. They could request more compensation based on the sale prices of comparable properties in recent months, not solely on the condition of the property they own.
Those facing eminent domain claims or condemnation often need assistance handling what can be a frustrating and complex process. Learning more about ownership rights can help those worried about losing the value accumulated in their real estate holdings to safeguard their rights.