• Pros and cons of mediation to buy land
Pros and cons of mediation to buy land
I get involved in expert witness work in valuation of property of all types. Some comments on the proposed bill to add mediation to the required steps to buy the land.
Remember the property owners receive the net after expenses — mediation will not change the fair market value of the property. If you add $100,000 to $150,000 to the process, that will be deducted from what the property owners receive. And the outcome will be the same.
Mark Zuckerberg will buy the property most likely at a price higher than anyone else would pay, but the property owners will get less than without the mediation.
This is common sense which most fail to employ.
Donald Erickson, Dallas