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Thread: City buy-out

  1. #1
    McIntyre Guest

    Question City buy-out

    What is the name of your state? California

    If I own my home and property and the city I live in wants to buy my home and all surrounding homes in the neighborhood to build other properties such as apartment buildings, railroads, stores etc. Do I have the right to reject the offer of selling my home or does the city have the right to buy me out?
  2. #2
    BrokerRE is offline Member
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    Nov 2002
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    Saginaw, MI
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    Eminant Domain gives municipalities the right to force property owners to sell at market value. However, it must be for the common good of the citizens.

    Building apartment complexes is a little bit different than putting in a highway off-ramp. I would question whether or not this is an eminant domain situation, or is the city just trying to become Real Estate Developers.

    Everything is for sale. Figure out your bottom dollar price that you will accept and give the city your offer. Maybe your house is worth $150,000, however your bottom dollar price might be $250,000 because you can't buy anything else for less, and you want to hire people to move you. Don't get too greedy because you might not sell it, and then you'll end up living near a city owned apartment complex.
  3. #3
    HomeGuru is offline Senior Member
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    [QUOTE]Originally posted by BrokerRE
    [B]Eminant Domain gives municipalities the right to force property owners to sell at market value. However, it must be for the common good of the citizens.

    **A: the action is called condemnation through eminent domain and BrokerRE is coorect in that the action must benefit the public.
    ***********************

    Building apartment complexes is a little bit different than putting in a highway off-ramp. I would question whether or not this is an eminant domain situation, or is the city just trying to become Real Estate Developers.

    **A: in an area where there is a shortage of housing, there have been cases of condemnation.
    *******************

    Everything is for sale. Figure out your bottom dollar price that you will accept and give the city your offer. Maybe your house is worth $150,000, however your bottom dollar price might be $250,000 because you can't buy anything else for less, and you want to hire people to move you. Don't get too greedy because you might not sell it, and then you'll end up living near a city owned apartment complex.

    **A: writer, you should hire a real estate attorney to negotiate.

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