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Selling your home to a real estate developer

On Behalf of | Sep 28, 2019 | Firm News

When an Illinois real estate developer has its blueprints for a building approved by local officials, there may be little that you could do to prevent the plans from being carried out. At the law office of Lifka & Lifka, P.C., Attorneys at Law, we understand how much your home means to you. Receiving the highest value for your property when forced to sell it to accommodate a developer’s approved plans may require a legal action to protect your interests.

While the intent of open meetings is to seek comments, residents may not be capable of stopping a developer or convincing local officials to vote against a planned construction. With the growth of industrialization and commercial buildings in nearby Elk Grove Village, nearly two dozen property owners agreed to sell their residential homes to developers, as reported by the Daily Herald. Officials voted to approve an industrial rezoning of the area so that developers could build a trucking warehouse.

Many property owners in the community, however, attended hearings to discuss the impact that the industrialization has had on their neighborhood. Some development opponents claimed that the land holds a restrictive covenant from the 1950s that requires the area to remain residential. As part of its defense to continue with its plans, the developers’ legal team argued that the proposed industrial use falls within the guidelines of the village’s commercial revitalization efforts.

The developers may have offered local property owners too low of a price for them to consider selling their homes, but real estate may present opportunities for negotiation. Compensation from a developer not only entitles you to your property’s full market value, but also to accommodate the uprooting, relocation and other unexpected expenses.

Our page on real estate transactions provides more information on selling your property.