Real Estate & Property Law

Rocky Mount Telegram-Jury Award Less Than Sought

By Alan Ackerman

The Rocky Mount Telegram

'I think that ($155,395) is probably more than someone would have paid for the house if they would have been selling it at that moment,' the foreman said.

Throughout the trial that began on Monday, lawyers for the state argued that the homeowners did not hire their own appraiser to back their 'just compensation' figure. They also said the Landises had a financial incentive to come up with a price above market value.

On the stand, Sharon and Robert Landis said they came up with their numbers after extensively shopping around for another similar home in the neighborhood.

The jury foreman said the fact that the Landises did not have an appraisal to back up their numbers was a factor in the verdict.


    This article shows why owners need appraisers.  In this case, the agency appraiser called themselves 'liberal' in the way he made  his appraisals.  The premise was fulfilled in its own way.  The owners chose to offer a value on their home of $220,000 against the $130,000 offer.  
    In most jurisdictions, owners have a right to testify without any true expertise.  However, some basis of valuation is required for the owners to be respected by a jury.  In this case, when the verdict came in at $155,000, the owner was effectively being told 'get yourself an appraiser.' 

Full post as published by National Eminent Domain Blog on February 24, 2010 (boomark / email).