We are considering buying a foreclosed property in a neighborhood that could possibly be bought out by a nearby university. The property requires a lot of work that we would have to put into it. Is anyone familiar with what would happen if the university does buy the property? Would they give the value of the property based on the purchased price or based on the appraised value at the time of the sale?
I worked at a private university that was flush wiht cash. If they wanted a property, they bought it…and they would spend top dollar for it…
Where is it?
Is it a private university or a public school?
Theoretically, they should start negotiations around the appraisal date when the negotiations begin…
It is a public school in NC that I don’t think would be able to pay top dollar. Any thoughts on eminent domain?
They could file ED but who knows if their reason would be compelling enough. It’s not like they need to palce to make a freeway off-ramp or something…they don’t NEED it they WANT it – big difference! What are they going to use it for?
The University of Texas here has a ton of prime Austin real estate. A university has the funds to buy whatever they want, except they can probably have a better shot at claiming eminent domain, especially if they claim the land will be used for “educational purposes.”
I think they plan to use it to build dormitories.
Thanks for the responses.