Widening of rt 2

[roadtrasheer]

Going in for a meeting with the state people this morning, they are making me a offer on my place .
I'm very confused on all the 3rd party by way of 4th party talking to a 5th party & the 12 weeks to get money type stuff ...
After talking to other people here on rt 2 , seems they are really putting some meat up in some & paying nicely to others, confused on how they come up with the numbers. Example, a girl renting a trailer was paid 47,000 to move ....good for her but where did they come up with that number? A guy up the rd has property, offered 150,000 , he owes 2500,000 , the bank just had it appraised for 300,000.....can anyone explain this ...

 

[The Dunedein]

Going in for a meeting with the state people this morning, they are making me a offer on my place .
I'm very confused on all the 3rd party by way of 4th party talking to a 5th party & the 12 weeks to get money type stuff ...
After talking to other people here on rt 2 , seems they are really putting some meat up in some & paying nicely to others, confused on how they come up with the numbers. Example, a girl renting a trailer was paid 47,000 to move ....good for her but where did they come up with that number? A guy up the rd has property, offered 150,000 , he owes 2500,000 , the bank just had it appraised for 300,000.....can anyone explain this ...

Typically, the State bases its offers on an appraisal from an expert they hire. The key for you is to get your own real estate appraiser to carefully research comparable land values in your area (comps), usually done by reviewing recent arms-length sales of property similar in nature and use as yours (i.e., zoning, residential or farming or commercial, acreage, proximity to town, ease of access, age and condition of structures, etc.), and reach an opinion as to market value that he/she can credibly back up in court, if necessary. Many folks find it helpful to hire a lawyer who is experienced in condemnation law and condemnation trials.

Hint: from my observations, while juries in WV are much more conservative than in larger states with big metropolitan areas when it comes to injury cases, WV juries tend to fiercely protect their fellow citizens' home and property. When using a good condemnation lawyer and a good real estate appraiser, it seems that most people make out better using this method than if they accepted the State's initial offer, although there are always exceptions to that.

And, no, i am not pumping for business. i never practiced condemnation law.

Good luck.

 

[roadtrasheer]

Thank you for the reply, I'm in a good position, didn't give much for the place & was planning on building a new house in this location if they didn't widen the rd . Finding a new location is gonna be brutal. My understanding is if I except the offer they have to find me a comparable home.

 

[spartansstink]

Everything posted above is correct. I would like to add a few more things for your consideration.

1) You have to remember, the appraisal from the state's expert is almost always on the low end. His job is to nit-pick to find everything wrong with your place they can to get a low-ball number. It's basically a starting point for negotiations if it comes to that.
2) The cost of hiring an attorney, especially a "good" one, will eat up a chunk of whatever settlement you get. Be prepared for that - you may end up getting less in the long run than if you accepted the original offer.
3) A "good" appraiser can run you quite a bit of money (I've seen over 20K on some occasions) depending upon the size of the property. May not cost you this much, but be aware that that is another chunk of money coming from your settlement. He's going to give you a high-ball offer that can be used for negotiations. If those numbers are pretty close together, you're going to end up getting less money than if you took the original offer after paying those fees.
4) Be prepared, this can take quite a while as both lawyers counter each other several times.
5) Be especially prepared for what is coming from your neighbors if you fight this. The state may hold up their settlements until they resolve yours. Nothing like your wife or kids getting accosted at the grocery store or school by folks you thought were your friends calling your family every name in the book, thinking its you holding up their money or putting it in jeopardy.

Just wanted you to be aware of some of the "hidden costs" a lot of people don't realize are there when you have to take on something like this. The chances of your case ever reaching a court room are slim as lawyers as well as judges want it to be settled. The state is going to get your property if they need it. Remember also, there is no "sentimentality" price - what you think its worth will never be offered - as the post above mentioned its basically all about the comps.

Not trying to get you to take one direction or the other, just wanted you to be aware of some of the "hidden costs" that come from these types of cases so you can make up your own mind.

 

[WVU82_rivals]

as an ex-OVAC high schooler...

Route 2 should have been widened all the way to Parkersburg YEARS AGO...

 

[roadtrasheer]

Everything posted above is correct. I would like to add a few more things for your consideration.

1) You have to remember, the appraisal from the state's expert is almost always on the low end. His job is to nit-pick to find everything wrong with your place they can to get a low-ball number. It's basically a starting point for negotiations if it comes to that.
2) The cost of hiring an attorney, especially a "good" one, will eat up a chunk of whatever settlement you get. Be prepared for that - you may end up getting less in the long run than if you accepted the original offer.
3) A "good" appraiser can run you quite a bit of money (I've seen over 20K on some occasions) depending upon the size of the property. May not cost you this much, but be aware that that is another chunk of money coming from your settlement. He's going to give you a high-ball offer that can be used for negotiations. If those numbers are pretty close together, you're going to end up getting less money than if you took the original offer after paying those fees.
4) Be prepared, this can take quite a while as both lawyers counter each other several times.
5) Be especially prepared for what is coming from your neighbors if you fight this. The state may hold up their settlements until they resolve yours. Nothing like your wife or kids getting accosted at the grocery store or school by folks you thought were your friends calling your family every name in the book, thinking its you holding up their money or putting it in jeopardy.

Just wanted you to be aware of some of the "hidden costs" a lot of people don't realize are there when you have to take on something like this. The chances of your case ever reaching a court room are slim as lawyers as well as judges want it to be settled. The state is going to get your property if they need it. Remember also, there is no "sentimentality" price - what you think its worth will never be offered - as the post above mentioned its basically all about the comps.

Not trying to get you to take one direction or the other, just wanted you to be aware of some of the "hidden costs" that come from these types of cases so you can make up your own mind.

Thanks for the advice, I had a basic idea what my place was worth & the state exceeded my expectations...
They would have had to really low ball me for me to fight it ..
Would have never worried about anyone picking on the girlfriend friend she is a bad b$tch ...not to mention she is 1/2 black so people would have been feared of being called racist..me on the other hand they might have hurt my feelings with dirty looks