County Appraiser is Checking With Realtors to Verify Market Value

By
Real Estate Agent with RE/MAX Distinctive / LIC in VA

I received this email from Loudoun county Appraiser Technician Alison Burns. It was nice to see that they are actually doing some extra research to verify land values. This was one of my land listings that sold not too long ago. It was a 3.6 acre lot that sold for $130,000.00. I told her it was a market value sale, even though we could have waited and might have gotten $135-140,000.00 for it? But in the current market, $130,000.00 market value for a 3-4 acre ready to build lot is accurate where this lot was located.

 So are the county appraisers going to start relying on agents to provide information to help them set the 2013 property values? It looks that way. I'm just wondering if all agents will provide them with honest accurate information?

 I try to price lots at what they should sell for. Each lot is different, and many factors can affect the value. If this lot was 3 miles West in the Short Hills, and in the Mountain Overlay district, the market value would be much less.

To: Jeff Pearl

"I am in the process of verifying the subject sale with respect to 2013 assessed values.  It would be very helpful if you could take a moment to answer the following questions:

 

In your opinion, was it a market-value sale?

 

In addition to exposure to the market through MRIS, did it meet the following criteria for an arm’s length transaction?

·         Unrelated parties

·         Equally informed parties

·         No undue pressure

 

Was any personal property included in the sale price?

 

Thank you so much for your assistance in ensuring that Loudoun County real property assessments are fair and equitable. 

 

Best regards,

 

 

Alison Burns

Appraiser Technician

Office of the County Assessor, 5th FL

Loudoun County, VA

703-771-5714 -direct

703-777-0267 -front desk

703-771-5234 -fax

alison.burns@loudoun.gov"


Contact Jeff Pearl to buy and sell land in Northern VA. If selling, I will help you determine accurate current market value for your property. If buying, I will do all research and suggest an accurate amount to offer for the land.

Realtor button


Jeff Pearl / REALTOR / Lic in VA

Re/max Distinctive - Reston VA

703-727-4876

Homes / Land / Farms

www.myhomesdb.com/jeffpearl

Equal Housing Opportunity Provider

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Topic:
ActiveRain Community
Location:
Virginia
Tags:
land appraisals
buying land va
land value
lovettsville va land
selling land in va

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Rainer
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Kathryn Maguire
Serving Chesapeake, Norfolk, VA Beach
GreatNorfolkHomes.com (757) 560-0881

Well, you have to appreciate them reaching out to real estate agents for their perspective.  Let's hope this is one of many data points in case there are some agents who do not treat these requests with the same level of diligence.

September 21, 2012 05:57 AM
Rainmaker
266,737
Jeff Pearl
RE/MAX Distinctive / LIC in VA

#1- Hi Kathryn, Yes, I agree. It's good that they verify value through agents. I was wondering why she chose this specific lot because I had 4 lots on that same road that all sold around the same time this lot sold? Maybe the new owner was contesting the value since they are in the process of building a new home on it?

September 21, 2012 06:59 AM
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Rainmaker
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Jeff Pearl

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