So I am doing my 12 month comp previous listing search and my MLS tax record shows a transfer recorded on 01/25/2011 for about 100,000 and the grantee is FNMA. There is no MLS listing of this transaction and the SDAT MAryland tax record states it was an arms-length transaction. I am confused on why this is arms-length. If there is no listing, where is the exposure??? would an auction explain it perhaps??? Never seen this and I need to explain this in the report. Are foreclosures typically arms-length??? Any thoughts? Thanks!