Author Topic: Selling Everything.........OUCH!  (Read 4707 times)

Buddy

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Selling Everything.........OUCH!
« on: August 23, 2007, 10:42:18 PM »
OK...I know I am making the biggest mistake of my life but I am going to sell all my cars and parts. I need a little advice. They are all in one stage or another of restoration and I am not wanting to finish any. They have all sat for the last 5 years and now the county I live in is taking my home and shop for a new road.

Should I try and sell the whole lot or one at a time? Is Ebay the best option? I would like someone to just take everything at once because I will give the deal of the century to someone.

67 RS/SS 396 L35 AUTO NUMBERS CAR W/HEADRESTS
67 RS/SS BODY RED/RED
70 Corvette Conv 350/350 4SP A/C
66 Caprice 396 blue
66 Caprice 396 maroon
63 Jaguar MK10

I would like $60k if Interested. I am not looking to sell here but get advice.

Buddy Maughon

tom

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Re: Selling Everything.........OUCH!
« Reply #1 on: August 24, 2007, 12:09:19 AM »
Buddy,

Don't know where you are, but under Eminent Domain the laws that allow them to take your property, they are required to give you fair market value for your property. I would suggest you speak to a couple real estate agents to find out what the property is currently worth before you accept any offers. I am aware of situations where people have received a lot less (6 figures) than they should have because they did not know their rights, or seek assistance.

As for selling, sell them separate for for money, all together for the least effort

Good luck,

Tom
69 X11 Z21 L14 glide
looking for a 69 export model (KPH) speed
o

jdv69z

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Re: Selling Everything.........OUCH!
« Reply #2 on: August 24, 2007, 03:27:18 PM »
How long do you have before you have to move? It sounds like you may be a bit upset at this time about the situation. If, so give it a little time and maybe you will stumble across some different ideas that you have not thought of yet, that may be better for you in the long run.

Might want to keep this site posted as to if and when you sell, and where, as there should be considerable interest here.

Jimmy V.
Jimmy V.

Ron C.

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Re: Selling Everything.........OUCH!
« Reply #3 on: August 26, 2007, 08:17:37 PM »
Buddy you have a PM
67Z/28,67RSZ/28,71SS454CHEVELLE.

Ron C.

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Re: Selling Everything.........OUCH!
« Reply #4 on: August 26, 2007, 08:25:45 PM »
buddy I tried to email you but it came back,can you email me at budbrewer1@optonline.net  Thanks Ron
67Z/28,67RSZ/28,71SS454CHEVELLE.

hotrod68

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Re: Selling Everything.........OUCH!
« Reply #5 on: August 29, 2007, 03:15:13 AM »
Beware eminent domain--and get a lawyer. Depending upon the government agency that is forcing you out, you could get a royal goatscrewing unless you have a mouthpiece. The local city took part of my father's farm to build a lake--which just happened to split the farm right down the middle--and they insulted him with an initial offer of $1000 an acre--less than HALF of the tax value at the time--much less a fair market price! He spent years in court and over $25,000 in lawyer's fees before he finally got a reasonable settlement. One lady has 13 landlocked acres she still has to pay taxes on, but can't use. ANYTIME the government is involved--especially with eminent domain--look out. I'd suggest you Google the 'New London, Connecticut" case to see just how bad the government can screw you regarding eminent domain--they kicked an old lady out of her house so they could develop ocean property. From someone who has lived this nightmare firsthand, I say good luck, friend--and get a lawyer.

 
HotRod'68  1968 SS350 coupe undergoing frame-off resto/rod. 386/350/4.11s
Butternut Yellow    black standard interior

tom

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Re: Selling Everything.........OUCH!
« Reply #6 on: August 29, 2007, 04:52:23 PM »
Buddy,

There are two basic requirements before property can be taken under Eminent Domain.

1) The taking has to be for the public good.

2) The property owner must be given fair market value for the property.

Both of these leave too much room for interpretation.

FIRST, get local real estate agents to give you a WRITTEN CMA (Comparative Market Analysis) of the value of the property. Real Estate agents normally do this for free. I suggest at least 3, because they will come up with different values.  If they are not reasonably close, get more CMA's.

IF you are not being offered a fair price, contact the agency taking the property, and ask them why they are not giving you fair market value for the property, and bring in copies of the CMA's from the real estate agents. You may be able to get an adjustment without having to bring in an attorney.

As stated above you may need an attorney, but they can get very expensive. If you can not get satisfaction from the authority, a few letters to the editor may help. Also contact the others involved, there truly is strength in numbers.

If you have ANY political connections, NOW is the time to use them.

You may not have much time, so act quickly. After they get the property it will be much more difficult to negotiate.

Good luck,

Tom
Real Estate Agent
Real Estate Instructor
69 X11 Z21 L14 glide
looking for a 69 export model (KPH) speed
o

hotrod68

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Re: Selling Everything.........OUCH!
« Reply #7 on: August 31, 2007, 02:36:56 AM »
Tom, unless I'm sorely misinformed, the New London case that went to the Supreme Court knocked all the rules into a cocked hat concerning eminent domain. The Court upheld the New London ruling and the woman was evicted solely at the behest of the Town and the developers...the case was strictly about beachfront renovation so the Town could collect significantly more taxes from a developed property than from one little old lady in one house that stood on their way. The same thing has happened in a little town called Alabaster, Alabama, where the local government evicted several residents solely to make way for a Wal-Mart--and higher tax revenues for the government. Both cases had nothing to do with 'public good'--as the lake was in my case, for the lake was built to be a watershed. But when a government agency offers you less than half the TAX value for the land, I wouldn't call that a fair market value. I'm not saying it happens in every case, but there has been enough abuse of eminent domain since the New London ruling to set a dangerous precedent. You gave great advice--Buddy should certainly have an appraisal done. I was just making him aware of the potential for government abuse and the potential for the govenment to try and cheat him. A road is certainly for the public good, but all too often the pompous, self-important, arrogant politicians could care less if Buddy is given a fair price--if they don't try and outright steal his property for pennies on the dollar. Just a word of warning, Buddy, and again--good luck.
HotRod'68  1968 SS350 coupe undergoing frame-off resto/rod. 386/350/4.11s
Butternut Yellow    black standard interior

Buddy

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Re: Selling Everything.........OUCH!
« Reply #8 on: August 31, 2007, 03:06:39 PM »
I am aware of the abuse and the Alabaster case you guys mentioned. The County has already tried to offer me half the value of my property in what they called a pre-acquisition....yeah right. I have been told they will start the process again at the end of this year but they will then be under the federal regulations for eminent domain. I expect to have to fight to get a fair value but what disturbs me is that they have put my life as well as others on hold for over one and a half years, so far, and no telling how much longer.

Thanx Guys

Buddy

tom

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Re: Selling Everything.........OUCH!
« Reply #9 on: August 31, 2007, 04:20:55 PM »
YES Eminent Domain is overused and abused. It seems the courts are willing to consider increased property tax ratables for the "public good" portion of the process. I would not expect to stop them once they decide to take the property. Here in Jersey they have taken single family homes on the ocean to make way for condos..........

There is however a process to seek just compensation. You will probably need to stand up and fight for what you are entitled to. Or you could roll over and let them have their way with you.

I wish you the best,

Tom
69 X11 Z21 L14 glide
looking for a 69 export model (KPH) speed
o

PURESS

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Re: Selling Everything.........OUCH!
« Reply #10 on: September 01, 2007, 01:06:40 AM »
Buddy..Good Luck with this..and always keep us inform.....but my question to you is what state are you in?..thanks scott

Buddy

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Re: Selling Everything.........OUCH!
« Reply #11 on: September 01, 2007, 04:10:20 PM »
I am in Gwinnett County Georgia, Northeast of Atlanta, Lawrenceville, about 1 hour from South Carolina on I-85.


Later
Buddy

Ron C.

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Re: Selling Everything.........OUCH!
« Reply #12 on: September 03, 2007, 08:04:28 PM »
Hi Buddy,when you get a chance can you email me some pics of the 67 camaros?Im still interested.Ron.
67Z/28,67RSZ/28,71SS454CHEVELLE.

Buddy

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Pics of my cars...
« Reply #13 on: September 03, 2007, 10:36:36 PM »