investment question

[Igifuno]

The only other concern i thought of. If you did buy a depressed property. At some point would the city make you tare the structure down? Or could you just fence off the structure? Was just trying to think of what expense i may have with a property like that in the future besides the taxes. Figure would keep the utilities off

Legit concern.. this happens often actually. The legal term is "eminent domain". The power is derived from the 5th Amendment of the United States Constitution. ...nor shall private property be taken for public use, without just compensation.

So if that does happen, you'll be paid for the value of the asset by the government.

[gixxerboy1]

Legit concern.. this happens often actually. The legal term is "eminent domain". The power is derived from the 5th Amendment of the United States Constitution. ...nor shall private property be taken for public use, without just compensation.

So if that does happen, you'll be paid for the value of the asset by the government.

I thought that only happened if they needed the land for some public use. Like building of a road

[Igifuno]

I thought that only happened if they needed the land for some public use. Like building of a road

correct.. so if they made you tear it down for public use, like building a through way or another means of egress, but they can also use eminent domain for condemnation. So if, for whatever reason, they decide to level an entire community becuase a high percentate is not habitable, they can take it via eminent domain and compensate owners accordingly.

[DAAS]

Legit concern.. this happens often actually. The legal term is "eminent domain". The power is derived from the 5th Amendment of the United States Constitution. ...nor shall private property be taken for public use, without just compensation.

So if that does happen, you'll be paid for the value of the asset by the government.

who determines that value

[Igifuno]

who determines that value

Owners are entitled to fair market value which is the price that would be agreed upon at a voluntary sale in the open market by an owner willing to sell to a purchaser willing to buy.

In an eminent domain situation, owners are not entitled to a “bonus” price because of the forced nature of the transaction, and, likewise, owners are not required to give a “bargain” price because the government needs the property.