Back in the day–say the 2000s, tax assessors might designate a house sales transaction an “Invalid or Duress Sale”.
As duress/distress sales so wholly permeate the Loudoun marketplace, assessor algorithms need cast an ever wider net to find a “regular sale” in which to determine market pricing. Regular sales which have no hope of completion unless priced at distressed prices.
Duress sales have so dominated the Loudoun County home sales market that multiple categories have been introduced; a warning to appraisers to not use these particular sales for their reports.
A typical Loudoun neighborhood now has:
- SS (short sale) Less Than Mortgage
- Foreclosure
- To or From Bank
- Unverifiable
and that rare commodity: Valid Sale.
