Double hit cure for cabin fever.......

[JRS]

Go about your daily routine and let your attorney handle it.

 

[dickn52]

Thanks for all the info and posts everyone. I have been a real estate investor for better than half my life, but I have never understood how they get away with this whole "appraisal" thing...ever notice how the appraisal always ends up just at the selling price when you have already agreed to buy something??? If you are the govt. that's doing the buying it is always ridiculously low, but when you someone has to have it then it's always high???
An appraisal should be an appraisal and not waiver or be so inconsistent if we really are determining "fair" market value. I guess therein lies the question...who exactly are we being "fair" to??? It just seems like there can only be one fair market value. It's the same property, but there is always three.

BUT, when your land becomes part of the airport expansion, won't the value of your land go up?

 

[KMart]

The pond may be a good idea. Once water collects there, it becomes wetlands and they have to do impact studies and get the approval of the EPA to fill it in. If they get the ok, they may have to buy some other property and set it aside as wetlands.
You may not be able to stop them, but could make in inconvenient and pricy from their point of view.

 

[msinc]

Go about your daily routine and let your attorney handle it.

This is good advice, except that my "daily routine" was to build two houses on this property.....going about it is a little different now.

 

[msinc]

BUT, when your land becomes part of the airport expansion, won't the value of your land go up?

Maybe. My land wont really become part of it per se, what they take will be their land at that point. What they don't take will just be adjacent to it and of course maintain the same zoning and use categories.
The land that comprises the airport is zoned "industrial" and my farm is "residential preservation district II" so yeah, it would make sense that in the next go around for the counties comprehensive plan they may elect to change the zoning to "industrial" if I request it at that time, which I of course will unless they purchase the farm in it's entirety sooner.

 

[dickn52]

Maybe. My land wont really become part of it per se, what they take will be their land at that point. What they don't take will just be adjacent to it and of course maintain the same zoning and use categories.
The land that comprises the airport is zoned "industrial" and my farm is "residential preservation district II" so yeah, it would make sense that in the next go around for the counties comprehensive plan they may elect to change the zoning to "industrial" if I request it at that time, which I of course will unless they purchase the farm in it's entirety sooner.

Call Walmart in Arkansas and offer them the land at a good price and let them fight out who owns it and which side will be the lawn and garden side.

 

[timeout]

The best appraisal is a "market analysis" prepared by a competent realtor. The process involves finding 3 other properties in as close a proximity to yours as possible, and as nearly identical to yours as possible. Now that's easy in a large subdivision with houses built similarly. Other situations can be nearly impossible. The key is a realtor that has enough experience to to accurately adjust upward and downward for each dissimilar feature. When I took an appraisal course prior to licensing, the instructor had one very sage piece of advice. That was once you complete your appraisal, walk across the street, sit down, look back at the property and ask yourself, "will this property really sell for that amount of money"? All that really counts in the end considering the valuation, is how much someone would be willing to pay in an arms length transaction. A good realtor is often more qualified to discern that dollar amount than an average appraiser. Another thing that a person needs to know is who is paying for the appraisal, because the appraiser knows what side his bread is buttered on. Shouldn't matter, but in reality it sometimes does.