EquityMind_IHB
New member
I own several acres of land in Texas that butts up against the Rio Grande River. I recently received an offer letter from the US Army Corps of Engineers acting on behalf of the Homeland Security Department that are under orders to buy up 20 adjacent lots (of which mine is in the middle) in order to fortify our borders against illegal immigrants and drug trafficking etc (actually spelled out in the offer letter). They are offering $22,893 an acre based upon 'fair market value' of their 'approved appraisal' (no indication whether a third party did the appraisal). When asked for a copy of the appraisal report, the representative for the Army Corps stated that the appraisal couldn't be given until after the close of escrow. When asked about comparables as to what the Army had been paying for similar lots, I was told that that was confidential information.
So what to do? My attorney stated I don't have to sell but they may begin 'eminent domain' proceedings and take the property anyway at fair market value. Since this is a law and must be done - what are my options? I know never to take the first offer but if I refuse at their asking price will they negotiate? I'd like to think that I am in the driver's seat here. The best compromise I can think of is to lease them the land and having Uncle Sam as a tenant for the next few years with direct deposits sounds like a great option but does the gov. do that? Do they have to own my land in order to fortify the border? This is waterfront property after all - LOL - I'd be losing my view! (this is undeveloped raw land BTW).
Any advice would be extremely welcome!
So what to do? My attorney stated I don't have to sell but they may begin 'eminent domain' proceedings and take the property anyway at fair market value. Since this is a law and must be done - what are my options? I know never to take the first offer but if I refuse at their asking price will they negotiate? I'd like to think that I am in the driver's seat here. The best compromise I can think of is to lease them the land and having Uncle Sam as a tenant for the next few years with direct deposits sounds like a great option but does the gov. do that? Do they have to own my land in order to fortify the border? This is waterfront property after all - LOL - I'd be losing my view! (this is undeveloped raw land BTW).
Any advice would be extremely welcome!