How much will I be paid for my property?
An individual will be paid 'just compensation' for his/her property. The Federal Courts say that "just compensation" means the current market value of the property, which is ordinarily determined by a comparison of the property to be acquired with similar properties involved in open market transactions between individuals in the local area. The Corps is required to use a qualified and competent real estate appraiser, who is familiar with the land and land values in the area.
What is a Letter of Just Compensation?
Once an appraisal has been approved, we are required by law to make an offer, in writing, based on the current market value for the property.
What happens if the Corps' price is not acceptable to me?
You may be assured that every reasonable effort will be made to come to an agreement with you on the price to be paid for the purchase of your property based on the information derived from the current market appraisal. If an agreement cannot be reached, the Corps may decide to pursue other properties to meet the project's acquisition goals.
If I have out-buildings on the land I want to sell, am I compensated for them?
Buildings are compensable. They will be appraised along with the land for their current market value and any offer will include them.
When will I get my money?
The Corps will schedule a closing to occur after "Offer to Sell" has been signed and your title is cleared. Normally, this will be scheduled to occur in approximately four weeks, but if agreeable to both parties, can be extended for a period of up to six months. During the closing, a check is delivered.