Question Details

Carol, Other/Just Looking in Eagle, MI

The property immediately behind us is being petitioned for change of zone to mineral extraction district.

Asked by Carol, Eagle, MI Sat Sep 15, 2007

How will this affect the value of my property and its potential for sale?

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Answers

3
oh, I'd be willing to guess that it could affect your property value. And remember, even if it hasn't been granted, if you were to sell today you would be obligated to disclose the petition to all prospective buyers.

It's possible that the price of your property would remain the same, but it's also likely that the pool of potential buyers would be smaller, given that some buyers would not want to live next to mineral extraction operations. The smaller pool of buyers could mean that it would simply take longer to sell. From the point of view that "time is money" you might say that your value would therefore be lower.

It's also possible that the pool of prospects would be so low that it would take a radical price reduction to get your property sold.

I would urge you to attend each and every meeting regarding this changing of zone and be as informed and vocal as you need to be to make sure your interests are heard. Since generally abutters are the ones officially informed of these matters, you might also inform nearby property owners (who are not directly contiguous to the property) whose property value might also be affected. If the change in zone is bad for you, you'll need as many supporters as you can.

Good luck,
Rita
1 vote Thank Flag Link Sat Sep 15, 2007
I would approach the owners and ask them to buy the home at current market value....not just what their plans are! (It doesn't hurt to ask!)
Web Reference: http://www.cindihagley.com
0 votes Thank Flag Link Sat Sep 15, 2007
Cindi Hagley, Real Estate Pro in San Ramon, CA
MVP'08
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Carol
Great advice so far.
I would also suggest talking with the owners directly and asking them about their plans.
Honesty is always the best policy.
Ketih
0 votes Thank Flag Link Sat Sep 15, 2007
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
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