When the government attempts to acquire your property, you may feel a bit lost and scared about the process. The government is required to pay the fair market value of your home, but what exactly is considered fair market value? The attorneys at Lucé Evans Law Firm are happy to explain how the value is calculated and the legal process on how to obtain your compensation.
What Is Fair Market Value?
Fair market value is the price a purchaser and seller would agree upon if the property were sold at that moment. For example, if a buyer was going to purchase your home on that exact day, what would be the reasonable price he or she would be willing to pay? That amount is the fair market value. Evidence of fair market value is required to prove that the estimated fair market value is accurate. Evidence includes an appraisal by a professional, home values of similar homes in the area, and other pertinent evidence that may be brought to establish fair market value.
Finding an Eminent Domain Attorney
Eminent domain is a complex area of law that requires knowledge, skill, and experience to get the best deal possible. If you are looking for an eminent domain attorney, ask prospective law firms what their particular experience is in the area of eminent domain. Lucé Law’s team of lawyers is more than happy to assist you in determining your homes fair market value. We know the area of eminent domain inside and out, and we want to talk about the legal process with you to determine your best strategy.