HOW VIRGINIA SELLS SURPLUS REAL ESTATE
When an agency determines that real estate it controls is no longer of use to the agency, BRES manages the transfer or disposition of the property in a fair and transparent manner. Guided by the current Appropriation Act and the Code of Virginia, BRES proceeds as follows:
Once an agency notifies BRES that real estate under its control is no longer of use to the agency, BRES reviews the related property records and contacts the Department of Treasury to determine if there are any outstanding bond obligations associated with the property that would impact its disposition. BRES also determines if the property would be useful to another department, agency or institution. If not useful to another agency, BRES commences the surplus property disposition process by requesting the written opinion of the Secretary of Natural Resources as to whether the property is a significant component of the Commonwealth's natural and historic resources, and, if so, how those resources should be protected in the disposition of the property. After receipt of such opinion, BRES notifies the chief administrative officer of the locality within which the surplus property is located as well as any economic development entity for such locality of the pending disposition of the property. The chief administrative officer and any economic development entity will have up to 180 days to submit to BRES a proposal for the locality’s or entity’s use of the property in connection with a bona fide economic development activity. If BRES determines such proposal is viable and benefits the Commonwealth, BRES and the locality or entity will negotiate the sale of the property to the locality or entity. .
If there is no proposal submitted that is viable and to the benefit of the Commonwealth or an agreement is not reached with a locality or its economic development entity to acquire the property, then BRES will move forward with disposing of the property in accordance with the Appropriation Act and Virginia Code §2.2-1156 by obtaining the written approval of the Governor to sell the property.
Following such written approval, BRES may sell the property by public auction, sealed bids, or by marketing through one or more real estate brokers licensed by the Commonwealth. Properties are also widely marketed and listed on this website to provide all citizens of the Commonwealth and any other potential purchasers with an equal opportunity to acquire the property.