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Topic 22. Vacant Land Appraisals
February 22, 2019
This Chapter has been revised in its entirety.
a. Liquidation Appraisals
A vacant land appraisal may be needed for a liquidation appraisal if there are no improvements on the land or if the improvements have no contributory value.
b. Appraisal Requirements
The appraiser must provide a written narrative format or a commercially available vacant land appraisal form. Like all VA appraisals, the appraisal must meet USPAP. The appraisal report must include:
property address
legal description
owner of record
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assessment and property tax information
property rights appraised
site size
zoning
highest and best use
shape
topography
drainage
availability of utilities
flood zone information
estimated cost of razing any existing improvements which must be considered in market approach
comparable sales grid with three comparable sales, adjusted to indicate the estimated market value of the subject property
Assumptions and Limiting Conditions, and Appraiser Certifications
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Article ID: 554400000314692 VA Pamphlet VAP26-7 Chapter 12 Minimum Property Requirement Overview - Effective after May 1, 2026