Home Selling in 54401>Question Details

bayge, Both Buyer and Seller in 54401

My home will be taken for eminent domain. Can I find it's worth without appraisal?

Asked by bayge, 54401 Fri Jun 6, 2008

525 S. 7th Ave. Wausau, Wi sold for $233,000? My home is MUCH larger, in better condition, has a 5 car garage, gorgeous decks and patio. If the information is correct for 525 S. 7th Ave., then my home should be worth twice that!

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Answers

7
The appraisal is very important if you are not happy with the offer you get. There is more to the negotiations than just the appraisal, though. I would recommend that obtain the services of someone experienced in this matter. You don't want to so greedy that you blow up the whole deal or spend too much time and money trying to get more money out of the buyer. An experienced negotiator will get you nothing less than a fair deal.
Good luck!
0 votes Thank Flag Link Fri May 11, 2012
I looked this up on the Marathon County Land Records website and this home sold on 2/21/08 for $232,333 with a sheriffs deed. The mailing Address for the taxes are 500 Scott Street which I believe is thecity hall!
Hope that helps!
I am surprised if they took it for eminent domain that it is recorded with a sheriffs deed.
Lana
Web Reference: http://WausauAreaHomes.com
0 votes Thank Flag Link Mon Sep 15, 2008
bayge,

We agree with the other posts that it probably would benefit you to have your own appraisal done to "keep them honest."

Having an awareness of what the neighbors home sold for might be of interest but of even greater interest is if your city has invoked "eminent domain" previously. What were the circunstances and what were the buy out amounts for those homes?

It may be benefical to have this information.
0 votes Thank Flag Link Mon Sep 15, 2008
You may be able to get an estimate of value by searching the county tax records [Marathon] and via the various websites such as Trulia, CyberHomes, Zillow, etc.

In the end, an independant appraisal will be the best thing to support your position. I would wait and see what you are being offered by the city/state/county. Who Knows?

Often, but not always- the offer is better than you could imagine.

WHAT IS EMINENT DOMAIN?

Eminent domain refers to the power possessed by the state over all property within the state, specifically its power to appropriate property for a public use. In some jurisdictions, the state delegates eminent domain power to certain public and private companies, typically utilities, such that they can bring eminent domain actions to run telephone, power, water, or gas lines. In most countries, including the United States under the Fifth Amendment to the Constitution, the owner of any appropriated land is entitled to reasonable compensation, usually defined as the fair market value of the property. Proceedings to take land under eminent domain are typically referred to as "condemnation" proceedings.

By Aaron Larson
Law Offices of Aaron Larson
0 votes Thank Flag Link Mon Sep 15, 2008
I agree with all of the answers so far. I am a local Realtor and if you need help in finding a GOOD appraiser I can help you. Feel Free to contact me. 715-212-6753
Web Reference: http://WausauAreaHomes.com
0 votes Thank Flag Link Mon Sep 15, 2008
Jeffrey is right, Bayge. The city will probably have their own appraisal done, and if you don't agree with their valuation, you should have one of your own performed. Make a few calls to the appraisers working in the Wausau area; they can advise you directly.
0 votes Thank Flag Link Fri Jun 6, 2008
Bayge,

If you want the city (or the jurisdiction) that is taking your home to believe you, you need a third party licensed appraiser to tell you what it is worth. Their findings will stand up in court. Since your talking about hundreds of thousands of dollars, why would you skimp on not getting an appraisal for probably $400? An appraiser is licensed by your state to be an impartial third party to the transaction. You can't get an answer that you can defend reliably from anyone else, period.

Good luck,

Jeffrey
0 votes Thank Flag Link Fri Jun 6, 2008
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