Residential and Private Land
When private property has been taken by the government in eminent domain, the property owner is supposed to receive compensation as required by law. To determine the amount of compensation for the property, an appraisal is conducted. However, the appraisal may be questioned if the results appear to be below the actual value of the property. In such a situation, a forensic appraisal review may be necessary.
What is a Forensic Appraisal Review?
A forensic appraisal review is conducted by specialized experts who will review the original appraisal and may conduct their own. They will evaluate the differences in the two appraisals to reach an amount that accurately reflects the true value of the property.
The appraiser will look at the property being condemned as well as any improvements that are lost due to the condemnation and any other damage that will result from the taking, including damage to any remaining property.
In addition, the appraiser must determine the highest and best use of the property as required by law. This means the best possible use of the property that would give it the highest value even if it is not currently used in that manner.
The appraiser will look at such items as the legal description, current and possible zoning, community growth, soil type, any easements in place and any limitations. The next step is to compare the property to other properties that have recently sold. The data is compiled into a report, which is included with an actual appraisal of the property along with an explanation of any differences in the appraisal conducted by the condemner.
The Value of a Forensic Appraisal
The condemning authority will want to pay the lowest possible amount for the property, which is why they will want a low appraisal. A forensic appraisal is conducted to protect the property owner from being paid less than the actual value. It provides a report created from thorough research into the property and its highest and best use, which will give the property owner the maximum amount of compensation for the loss of their property to eminent domain.
If you have received notice of condemnation to your property for eminent domain, you need to contact our law firm. Our team will conduct a forensic appraisal to ensure you receive the maximum compensation for your property in this situation.