For Those Who Do Not Own The Option To Purchase:
There’s some confusion about City policy regarding sales of LW city owned leased shoreline land where the option agreement had not been purchased by the homeowner. Here are some questions and answers.
Question 1: Can the current homeowner purchase his or her land now at the currently appraised market value?
Answer 1: Yes, provided that the property meets the current requirements as follows 1) the property is platted, 2) the property is connected to water and/or sewer; this will depend on the inspection made by the Lake Worth Management Office (LWMO) specific to each property 3) the property cannot be supported by an off-site drain field, 4) all monies due and payable to the City of Fort Worth must be current, 5) the sale of the land will be to the Lessees of record only.
Question 2: What appraisal process establishes the market value?
Answer 2: The city utilizes the services of an independent appraiser who assesses the value of the land.
Question 3: Who pays for those appraisals? If the city provides appraisal, can the homeowner provide their own private appraisal as part of the valuation process?
Answer3: The cost of the appraisal is added to the sale price of the land and paid for by the buyer. In order to ensure continuity in the fair market value, the city uses the same appraiser to establish the land values. This prevents the opportunity for any discrepancies in land values that might arise from the use of multiple appraisers. It also eliminates the opportunity for the appraiser to be a friend or family member who might be influenced by the lessee directly.
Question 4: When do you anticipate those folks will be able to buy there land at the market value?
Answer 4: There has been no change to the policy. Land sale are occurring on a regular basis. It is the responsibility of the lessee to contact the city, if and when they would like to purchase their land.