What is a Valid Sale?
Valid Sale – A sale is considered valid when it is between willing parties that are unrelated without distress or coercion and conveyed by-way-of a warranty deed. Both parties should be knowledgeable of the market and decisions should be made without undue pressures (i.e. bankruptcy, foreclosure, etc.). The property should be advertised on the open market and the principal buyer or seller should NOT be a financial or governmental agency.
Invalid Sale – A sale is considered invalid when a financial or government agency is the principal buyer or seller, the parties are related individuals or corporations, the property was not advertised on the open market, anything other than a warranty deed is used to convey the parcel(s), multiple parcels are included in the sale price, one parcel is being divided into multiple parcels, it is a court mandated sale, only a portion of the parcel/interest is transferred or if parcels are traded.
Sales Study by House Type
House Type 11 – Older One Story
House Type 13 – Older 1 Story with Attic
House Type 21 – Older 1.5 Story
House Type 51 – Newer 1.5 Story
House Type 84 – Older Multi Family
House Type 85 – Newer 3 or 4 Families