How much money will I get for my home? Can I appeal the appraisal? Is the State's offer open to negotiation?
An independent licensed appraiser hired by the State will conduct a property appraisal. The appraisal will be based on the value of the property before Sandy (the "pre-storm value"). This appraisal will be the basis for the amount offered for the home. Homeowners can appeal the appraisal. The appraisal appeal process adds about three months to the buyout process. Unlike most real estate transactions, the amount of the offer is not open for negotiation. The homeowner must accept or reject the State’s offer. However, the owner is able to have their own appraisal done on the home by a qualified real estate appraiser and present it to the state. At that point, the state will have a third party appraise the home and will be given both of the original report. The value may change with the third appraisal, however, there is no room for negotiations after that.
New Jersey Realty Advisory Group, LLC and been working with the Sate since the inception of the Blue Acres Program. We have completed over 100 appraisals for the State and private individuals. We are familiar with the process and the requirements under the program. If you are a home owner and in need of an experienced appraiser, please give us a call.
Blue Acres Appraisals
The Blue Acres Program is the part of New Jersey’s Green Acres Program that purchases flood-prone properties. Through the DEP’s Superstorm Sandy Blue Acres Buyout Program, the State will spend $300 million in federal disaster recovery funds to give homeowners the option to sell Sandy-damaged homes at pre-storm value in flood-prone areas. The program is designed to give homeowners the ability to choose the best option for their individual situation.
The State will buy clusters of homes or whole neighborhoods that were flooded in Superstorm Sandy or previous storms. These homes will be demolished, and the land will be permanently preserved as open space, accessible to the public, for recreation or conservation. The preserved land will serve as natural buffers against future storms and floods. The goal of the Blue Acres Program is to dramatically reduce the risk of future catastrophic flood damage, and to help families to move out of harm’s way.