In the realm of real estate, the threat of governmental ’eminent domain’ or property condemnation can be a daunting prospect. However, it’s essential to understand that it’s not just the law, but it’s your constitutional right to receive “just” compensation if your property is targeted. This is precisely where a professional real estate appraisal service, like ours at Granite Appraisal Group, plays a crucial role.
The government may propose its version of “just” compensation, likely informed by a professional appraisal. However, securing an appraisal in your favor, executed in accordance with the Uniform Standards of Professional Appraisal Practice (USPAP), serves as powerful evidence of your entitlement. It safeguards your rights in the face of eminent domain claims.
Our services extend to government clients as well, who require assistance in offering and providing “just” compensation in eminent domain cases. A USPAP-compliant appraisal remains the most reliable means to establish the fair market value of any property.
Condemnation appraisals may seem straightforward on the surface, but they are intricately layered with legal and procedural considerations. Federal, state, and local takings each necessitate a distinct analysis and report format. It’s critical to employ an appraisal firm, like ours, experienced in handling these specific types of valuations.
In an eminent domain case, the government may only take partial interest or part of the property, leaving certain rights reserved for the current owner. This complex scenario calls for the appraiser to value the “larger parcel” — the presently undivided, contiguous property — and the “remainder” that the owner retains post-condemnation, factoring both into the overall value assessment. It’s a process often requiring the appraiser to determine the value of the “remainder” before and after the event prompting the taking, as the two are likely to differ substantially.
Appraisers routinely consider a property’s “highest and best use” in their value estimation. In many condemnation appraisals, it’s vital to consider the highest and best use of the property before the taking and after the development or use resulting from the taking. Hence, the necessity for a seasoned, well-trained professional appraiser cannot be overstated.
Given that appraisers may often testify about their condemnation appraisal, detailed and thorough steps in valuation methodology, like selecting and analyzing comparable sales, are imperative. You place your trust in your appraiser to understand what’s required, emphasizing the need for an experienced and trained appraisal service.
At Granite Appraisal Group, we’re equipped and prepared to undertake your condemnation or eminent domain appraisal needs. Explore our website to discover more about our qualifications, expertise, and the breadth of services we offer.