Power Company Buyout?

[dislal]

Does anyone have any experience with having their property bought by a power company?

They have bought or are in the process of buying all the houses on my end of the street, and I have been told that they are not buying us, but I have been told that I can can call and ask them if they would like to buy me! I am just afraid that if I ask them they would offer a lower amount. This really has me worried, because what they are doing with this property could REALLY lower my property value.

so I just want to know if anyone has ever had this happen----any advice?

 

[barkley]

interesting-the power company around here has extensive easements on all of the properties that provides them with the access/control they need (and a considerable amount they realy don't) so it's not something i can see them offering up to us, BUT-in one of the towns we previously lived in we wondered why in the world the identical homes across the street from ours had so much shallower backyards than those of us on our side had (all were built at the same time in the early 60's when lot sizes even in california track homes were pretty generous). we were discussing it one day with one of the older original owners, and he explained that years before the power company wanted to do some changes to their lines that would have necessitated gaining the ownership of so many feet of each of the homes on that side of the street. the power company initialy went in and offered the owners a sum for each of their respective properties, but there were a few that kept holding out thinking they could get more-it went on for a couple of years until the power company pressured the city and convinced them that the changes were necessary in order to do upgrading the city wanted, so the city attorneys went to work and used old emininat domain laws to seize the land from the owners with none of them receiving any financial compensation what so ever.


you might talk to a realtor or a real estate attorney in your area to find out what the ramifications/your options are.

 

[golfgal]

What are they planning on doing with those houses? I would find that out first, then if they are planning on building something there that isn't residential, I would certainly ask for a buyout as your property values are going to tank.

 

[The Mystery Machine]

Wow that sucks. I would have to go for the buyout even if it is lower since it will kill your property value.
Take the money and run in this situation.

 

[dislal]

interesting-the power company around here has extensive easements on all of the properties that provides them with the access/control they need (and a considerable amount they realy don't) so it's not something i can see them offering up to us, BUT-in one of the towns we previously lived in we wondered why in the world the identical homes across the street from ours had so much shallower backyards than those of us on our side had (all were built at the same time in the early 60's when lot sizes even in california track homes were pretty generous). we were discussing it one day with one of the older original owners, and he explained that years before the power company wanted to do some changes to their lines that would have necessitated gaining the ownership of so many feet of each of the homes on that side of the street. the power company initialy went in and offered the owners a sum for each of their respective properties, but there were a few that kept holding out thinking they could get more-it went on for a couple of years until the power company pressured the city and convinced them that the changes were necessary in order to do upgrading the city wanted, so the city attorneys went to work and used old emininat domain laws to seize the land from the owners with none of them receiving any financial compensation what so ever.


you might talk to a realtor or a real estate attorney in your area to find out what the ramifications/your options are.

My Dh and I have discussed eminant domain and we are concerned about that.

What are they planning on doing with those houses? I would find that out first, then if they are planning on building something there that isn't residential, I would certainly ask for a buyout as your property values are going to tank.

not sure what it is called exactly, but think sludge dump

Wow that sucks. I would have to go for the buyout even if it is lower since it will kill your property value.
Take the money and run in this situation.

We really need to make some kind of decision, but I absolutaly LOVE where I live! I am a little sad just thinking about moving We moved here 16 years ago and I thought I would die here.

 

[GeorgeG]

It sounds like the power company wants to build something. If there are transmission lines (towers) in the neighborhood, they may want to build either a new substation or possibly a small jet turbine generating station. The best thing to do is call the power company and ask for someone in Operations or Engineering (some utilities also have a Real Estate Department) and if you can't get anywhere with them, call your local government official. If the power company is buying property, either one would know why. I worked for a power company for 37 years and nothing happens without local government approval.

 

[dislal]

OP here just bumping this up to see if anyone else has any advice!