Happy Friday to all...

I wanted to get the group's opinion on the GFE disclosure of transfer tax in Virginia. My understanding is that the deed transfer tax is based upon the greater of the sales price or the assessed value. Unfortunately, we are seeing an increased number of scenarios (due to short sales and declining home values) where the assessed value is later realized to be greater than the purchase price. This is not information we could know at time of initial disclosure. At that point, we have a tolerance violation, and I don't see anything that lends itself to a changed circumstance in that case.

Has anyone else experienced this issue in this (or any other) state? Any thoughts on how to mitigate tolerance issues?

Thanks