Eminent Domain & Condemnation Appraisal FAQs
How do government agencies determine fair market value?
Government agencies often hire their own appraisers to determine the fair market value, which is the highest price the property would sell for in the current market. This should not be a lower offer than the owner would get selling their homes or businesses to another seller.
Whether on the government or property owner’s side, having an accurate appraisal can speed up the process by offering the right price the first time or giving a credible counteroffer.
What’s the timeline for eminent domain cases?
The process can move very quickly, which is why many home and business owners feel like they don’t have a choice when they get the offer. But Pyramid Real Estate Advisors also move quickly. Our principals offer quick turnarounds with accurate assessments to ensure you give the best offer the first time and keep your good public opinion.
What should I look for in an eminent domain appraiser?
You’ll need an appraiser with experience in eminent domain cases and knowledge of the area. Since many agencies have their own lawyers, as well, you’ll want the appraiser with local connections and partners in the region. Condemnation appraisals also require quick turnaround times to see if the property is valuable for the public project.
Finally, you need an appraiser who will make a good impression when testifying in court. It’s not enough to have the credibility to back up the report, they also need to present their findings as an expert witness and prove why their assessment is accurate.
Pyramid Real Estate Advisors has the team you need to get the most accurate price in condemnation appraisals. Call us today to get started.