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Published September 05, 2011, 07:02 PM

Moorhead homeowners receive buyouts and some are upset

Moorhead, MN (WDAY TV) -- Moorhead homeowners are facing new proposed buyouts. But one, not forced to take the buyout, says he will not accept it anyway.

Moorhead, MN (WDAY TV) -- Moorhead homeowners are facing new proposed buyouts. But one, not forced to take the buyout, says he will not accept it anyway. Stan Olson has lived in this home in Moorhead, along the Red River, since 1977. Just days ago he received his flood buyout bid. That letter listed the estimated value of his house, which he says is too low..

STAN: They offering us about $277,700 which is eight percent above the estimated market value. Now when they say estimated market value I want every one to know no one has come into my house and looked at it they have no idea what's in there and how nice it's finished .

Olson immediately questioned the bid.

STAN: Well what determines the estimated market value? Id like someone to come out and appraise it and look at it and say hey thats a pretty nice house and we could give you more money that we are offering you.

With the amount of money the city is willing to give Stan he says there is no way his house will end up an empty lot like this one.

STAN: I cant go along with the money they are willing to give us for it.

Olson and his neighbors will be holding a meeting tomorrow night to discuss the issue. He says his letter declining the buyout will be in the mail as early as Wednesday morning.

STAN: If they would offer me $350,000 I would go tomorrow because then I could afford to go out and buy another house.

Olson says to get another house that compares to his he would have to use up all of his savings and he is not willing to do that.

Olson has to respond by the 23rd. If he was to accept the buyout he would need to be out of his home by the 30th. We could not reach city leaders or other neighbors for comment because of the holiday.

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