Section 4: Revision in Approved Values for NegotiationAnchor: #i999661
After a parcel value has been approved, there should be no significant delay in initiating negotiations. If during negotiation, it is believed that either market conditions or the parcel status has changed to the extent that the approved value appears questionable, revised appraisal information should be obtained and a revised recommendation made accordingly. In this case, an “Update Appraisal for Negotiations” assignment will be made in ROWIS and the updated appraisal report will be entered.
Examples of conditions which affect approved values are additional depreciation or improvements to the property, loss by fire, flood or other damage, removal of an improvement by the owner, conveyance of a portion of the parcel being acquired, and/or changes in the trend of the market in the area involved.
If an updated appraisal is acquired prior to the filing of the Petition of Condemnation, send a copy to the property owner and revise the offer, if necessary. For updated appraisals acquired after the filing of the Petition of Condemnation, send a copy of the appraisal along with form ROW-N-PostPetition Post Petition Updated Appraisal Letter to the property owner.
If more than one appraiser was used to determine the approved value, and if a single updated appraisal report indicates a significant increase in value, the other appraiser(s) should also be assigned to update his/her report in order to properly support such an increase in value.