Property Valuation
A Virginia appraiser who finds no truly comparable sales may use properties from outside the immediate neighborhood as comparables if they:
ACannot do so under any circumstances
BAre physically and functionally similar and compete in the same market✓ Correct
CAre in the same county
DWere built in the same decade
Explanation
Appraisers may use comparables from outside the immediate neighborhood if the properties are physically and functionally similar and compete in the same broad market for buyers. The appraiser must explain the geographic expansion.
Related Virginia Property Valuation Questions
- In Virginia, the correlation process in an appraisal report is the appraiser's:
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