Sales disqualified as a result of examination of the deed Transfer to or from financial institutions; Deed stating "In L (Lee: short sales)

[robalomann]

i was reviewing the "lee county property appraiser" for the property i purchased last june in cape coral and the following is the description of the sale,,,,Sales disqualified as a result of examination of the deed
Transfer to or from financial institutions; Deed stating "In Lieu of Foreclosure" (including private lenders). what does this mean?.

[City__Datarer]

There's usually a link (on the Lee County Property Appraiser site) in the OR number column that will take you to the record and allow you to view the transfer document on the Lee County Clerk of Courts website.

You can also get a lot of info by doing a search on the term in an Internet search engine--there's lots of info online. There is also a City-Data forum specific to real estate with a subforum on Foreclosures/Short Sales/REOs; a lot of hits will come up if you search "deed in lieu."

[nhkev]

Originally Posted by robalomann

i was reviewing the "lee county property appraiser" for the property i purchased last june in cape coral and the following is the description of the sale,,,,Sales disqualified as a result of examination of the deed
Transfer to or from financial institutions; Deed stating "In Lieu of Foreclosure" (including private lenders). what does this mean?.

Appraisers are suppose to use what they call arms length transactions to help determine market value of property. For example if i sold my house to my dad and he went to the appraiser saying he should only have to pay taxes on a dollar because that's all he paid for it. They should be taxed on normal market value not what an individual actually paid. Distressed sales are not co.sidered arms length transactions so the term disqualified means the price should not be considered for valuation. The in lieu of foreclosure means the person brought the deed to the property willingly to the lender and said here you go all yours with no foreclosure proceedings necessay.