Virginia Now Non Disclosure State

[Austin]

NOTICE TO ALL VIRGINIA APPRAISERS: VIRGINIA IS NOW IN EFFECT A NON DISCLOSURE STATE.

There is a new law in Virginia effective July 1, 2007, under which the sale price or consideration will not be given in most cases. This was H 2059.

Here is what the tax assessor and clerk of court just told me:

Under the bill the clerk of court will no longer report the actual consideration in most cases. Instead they report it this way: If the sale price is higher than the assessment then that number will be reported. If the sale price is lower than the assessed value the tax assessment will be reported. If the sale price is lower than either the assessed value no record of the sale price will be available. In other words, if prices go down no one will notice.

The tax assessor is in a state of shock. They are required by law to maintain a ratio of assessed value vs actual sale prices. Presently assessments are higher in most cases than sale prices so in essence they can't comply with state law. No data is reliable unless the sale price is inflated. No longer can we go to the clerks office and find the consideration. The procedure is to take the number off the deed on which the tax was paid and compare it to the tax assessment. If the number is higher that is the actual consideration. If it matches the tax assessment then you know the price was lower but that is all you know. In other words, Virginia is now a non disclosure state. Five will get you ten I can tell you who is behind this. I strongly suspect I can name the person behind this and I strongly suspect his motive was to circumvent AVM.

The chief patrons of the bill were Michele B. McQuigg chief and Terry G. Kilgore.
So good bye sale histories.

PS: Another new law in Virginia. If a minor or incompetent person has a court appointed gaurdian, they cannot sell real estate without using a licensed professional spelled R-E-A-L-T-O-R! I think they call this rent seeking in Washington.

 

[Terrel L. Shields]

If a minor or incompetent person has a court appointed gaurdian, they cannot sell real estate without using a licensed professional spelled R-E-A-L-T-O-R! I think they call this rent seeking in Washington.

CHACHANG...Yer friendly NAR at work...and best of all they won't need an appraisal The REALTOR can handle that BPO...and his son in law needs a new house....maybe. And, of course, we can wear all three hats and still be independent.

"But Dad, how can you be my defense lawyer and the Peoples Prosecutor at the same time?"
"Son, this insures that I can persecute you to the full extent of the law..." "Thanks Dad"...

 

[Austin]

If you Virginia People want to read these bills, go to this site and they are all listed by number:

http://leg1.state.VA.us/cgi-bin/legp504.exe?071+lst+PAS

The bill I referred to is HB 2059. The bill about only licensed professional real estate people (Realtors) only being allowed to sell property for guardians and conservators the bill is HB 2741.

There are two really funny bills you might enjoy. In Virginia you have to be certified to work on a horse's teeth, but there is also a bill removing the requirement to get a dental license to work on people. The old law said you could not get a dentist license if you have failed a clinical test within the last five years but they took that out. So you see where the priorities are in Old Virginia.

PS: Read the bill titles and notice the "Realtor/CE" finger prints. Money talks in the legislature. Just ax the horses. :new_2gunsfiring_v1:

 

[Carnivore]

I strongly suspect his motive was to circumvent AVM.

Austin,

I dont understand what you mean circumvent AVM. If he did not circumvent an AVM what would happen? How does this apply to Tax assessment?

 

[Couch Potato]

So now one can sell real estate to a politician in say, northern Virginia, and nobody will know if it was sold a steep discount "out of the goodness of the lobbyist's heart."

 

[Austin]

Canivore: I didn't mean circumvent I meant to say facilitate.

Couch Tater: Yea and just think what this will do for the flipping industry. Like I said-money talks. Steal granny's house and who will be the wiser.

 

[Joyce Potts]

What Einstein in the commonwealth legislature came up with that one?

That said, I predict it's only a matter of time before the public information, as we're used to seeing, is challenged on the basis of privacy, in every state.

 

[Mr Rex]

What Einstein in the commonwealth legislature came up with that one?

That said, I predict it's only a matter of time before the public information, as we're used to seeing, is challenged on the basis of privacy, in every state.

Will be one hell of a battle with the Nazi Assocaition of Realtors on one side and the big boy lenders pushing for AVMS and free wheeling data mining in the "consumers interest" on the opposite side.:new_smile-l:

 

[Marcia Langley]

Dang, Austin,

Of all the crazy times to switch to non-disclosure ...

Sheesh!

 

[Terrel L. Shields]

Marcia
How do you Missourians confirm prices? You are totally dependent upon the Realtor...I'm sorry. Some have poor memories and others just prevaricate out of habit.