actual sale value of land in cumberland county, tennessee

i have a 167.5 acre tract of land i would like to sell. however the bids i have received were far below the market value. how do i get an actual value of the land and should i get an outside of area agent to deal with or try to sell it myself?
In Selling Property - Asked by richard c. - Oct 27, 2008
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Ian J.
Broker/Agent
Ocala, FL

Richard, there are several ways to calculate the NPV of vacant land. It involves a HABU assessment then apply risk and discount rates to the value to get an actual cash value. As an example, I had a client reviewing a HABU of 2200 Acres in Fl with a value of $48M from an MAI Appraiser; however, after applying an appropriate discount rate and risk factor, the value ended as $7M. This was in line with comparable sales in the area. I would strongly recommend you contact a local CCIM professional in your area, or at the very least someone who has completed the approved CCIM Institute courses. Look for the Designation letters CCIM after a professionals' name or go to www.ccim.com and look up a professional in your area. You may also be able to find a ALC as well. Accredited Land Consultants will use similar calculations. Many CCIMs are also ALCs. If you can find a professional with both, you are home free. Good luck. Ian Johnson, GRI,TRC.

Oct 27, 2008
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