Non Arm Length Sale?

[Michigan CG]

From The Dictionary of Real Estate Appraisal, 6th Edition, published by the AI:

A transaction between unrelated parties who are each acting in his or her own best interest.

 

[Addie]

To OP. Copy/paste above in report, Cite the above source and do anyway you want. Say, in your opinion it’s zzz.

Ain’t no one gonna be able to tell you’re wrong either way you go. Aka spend 1 sec on thinking about this and move on. Cause appraisers aren’t gonna be in agreement and neither are lawyers. It would have to go to trial.

 

[glenn walker]

Would say it's arm's length. Whether it is selling for market value is another question entirely (and always is).

My family has sold me properties over the last 25 years - Father says no special deal- So in my opinion it was "arms'-length" and the only reason i purchased was I did not have to deal with outsiders and knew how the property was maintained. !!!!

 

[FMV]

A transaction between unrelated parties who are each acting in his or her own best interest.

UAD wants to know is it an REO sale, short sale, court ordered sale, estate sale, relocation sale, some other type of non-arms length sale, or arms length sale

the first five choices are most obvious.

arms length are usually easy to spot when they are not one of the first 5 types and have been offered for sale on the open market for a reasonable amount of time.

was it offered for sale on the open market and the buyer just happens to be the ex-son-in-law, or is it a private sale only offered to this buyer?

It's a FSBO..

 

[FMV]

Non-arm's length transactions are purchase transactions in which there is a relationship or business affiliation between the seller and the buyer of the property. Fannie Mae allows non-arm’s length transactions for the purchase of existing properties unless specifically forbidden for the particular scenario, such as delayed financing. For the purchase of newly constructed properties, if the borrower has a relationship or business affiliation (any ownership interest, or employment) with the builder, developer, or seller of the property, Fannie Mae will only purchase mortgage loans secured by a principal residence. Fannie Mae will not purchase mortgage loans on newly constructed homes secured by a second home or investment property if the borrower has a relationship or business affiliation with the builder, developer, or seller of the property.

I am steering in the direction of Non-Arm as both parties there was a relationship and this is FSBO..

 

[FMV]

I'm a betting that the X father in-law has a grandchild from them.. Non-Arm..

 

[Addie]

We are all related. So...

Again. Appraisers aren’t gonna agree on anything. Don’t sweat it. Explain. All you need.

Just cite sources. I can make “we are all related” easily with definitions and sources

Dna definition and source, related def and source, arms length def and source.

 

[residentialguy]

From The Dictionary of Real Estate Appraisal, 6th Edition, published by the AI:

A transaction between unrelated parties who are each acting in his or her own best interest.

Clear as mud.

Of course, then you have AI's other Appraiser's Holy Grail, "the Appraisal of Real Estate" which defines "arm's length" as this:


Another day at the Appraisal Institute

 

[FMV]

I loved that movie!!! Hilarious!!
LMAO!!!!

 

[bnmappraisal]

Non-arm's length transactions are purchase transactions in which there is a relationship or business affiliation between the seller and the buyer of the property. Fannie Mae allows non-arm’s length transactions for the purchase of existing properties unless specifically forbidden for the particular scenario, such as delayed financing. For the purchase of newly constructed properties, if the borrower has a relationship or business affiliation (any ownership interest, or employment) with the builder, developer, or seller of the property, Fannie Mae will only purchase mortgage loans secured by a principal residence. Fannie Mae will not purchase mortgage loans on newly constructed homes secured by a second home or investment property if the borrower has a relationship or business affiliation with the builder, developer, or seller of the property.

I am steering in the direction of Non-Arm as both parties there was a relationship and this is FSBO..

Based on your OP, I would agree, NON AL, IMO. I would just explain the relationship (briefly, don't need the whole genealogy)