Buyout Offer and Acquisition Agreement

The Disaster County of Illinois confirms that the following is the appeal process for the proposed acquisition project.

Buyout Offer and Acquisition Agreement 1. Once the jurisdiction receives the approved appraisal from IEMA, the jurisdiction will schedule a meeting for you to review the appraisal for accuracy. The jurisdiction is not permitted to negotiate, and at no time may the buyout participant (homeowner) be given a copy of the appraisal. The jurisdiction will prepare the buyout offer letter and acquisition agreement. The acquisition agreement will specify the value of your property and any deductions that must be made (taxes, mortgages, DOB). A deadline will be given by which the agreement must be returned to the jurisdiction for participation in the buyout.

2. You have three options once you receive this letter and agreement: a. You may accept the buyout offer, sign the agreement, and return the document to the jurisdiction prior to the deadline date. If you accept the offer and return the signed agreement to your jurisdiction, the jurisdiction will complete a title search prior to scheduling a closing date. b. You may reject the buyout offer and drop out of the buyout program. If you reject the offer or do not return the signed agreement by the deadline, your involvement in the buyout program will end. c. You may contest the buyout offer. If you contest the buyout offer, you may hire and pay for your own certified appraiser. This appraiser must complete a fair market value appraisal. This appraisal will be reviewed by the State Reviewer. If the second value is approved or revised, you will receive a new buyout offer and acquisition agreement to reflect this new value. You then have the same two options presented above in #2 (a. and b.). If the second appraisal does not result in a revised value, your buyout offer will not change. You will be offered the same amount as specified in your acquisition agreement.