I bought a house from a bank. Why isn it considered a qualified, arms length transaction?
The Florida Department of Revenue does not allow property appraisers to consider transactions to and from financial institutions to establish market values. These sales are not considered qualified sales meaning they are not considered typical sales transactions that would be used in valuing other comparable properties. These properties are, however, still valued at market value despite the sales price. Market values are determined based on comparable sales and the market as of January 1. 5. My realtor said that I could not sell my property for what your office has it appraised for. Your market value is not established by the present market. Rather, historical data is used to determine a market value as of January 1. Realtors typically look at the present market to establish listing pricing. The market in your area may have changed since January 1.
