My question involves real estate located in the State of: Washington
Our city is planning to build a road through our property and will therefore be purchasing our property from us. My question has to do with "just compensation".... exactly how is this figured during a depressed housing market? If the city offers us fair market value, we won't even be able to pay off our current mortgage, much less be able to buy another house. The value of our home has dropped $80,000 since we purchased it 3-1/2 years ago. We have zero equity and we are "upside down" in our mortgage, even after putting 20% down. People keep telling me that "fair market value" is all we'll get and the rest is just not the city's problem. But aren't we entitled to be "made whole" at the end of all this? With the city only offering us fair market value, we certainly wouldn't come out whole. It seems pretty outrageous that the city would be allowed to leave us in that situation. We aren't looking to get ahead or anything like that, just not a big step backwards! Does anyone have any insight??