Simply put, transfer value is the dollar amount provided to transfer the property. This is not the same as market value. The home you are inquring about may have a higher market value. An example of a low transfer value would be if I was transferring the home to my son for $30K
Mortgage Broker or Lender, Louisville, KY
Transfer value is what the buyer and seller agreed as the value of what was paid/traded for the property. The buyer could have given the seller $30,000 worth of bananas (most sellers wonâ€™t accept bananas) therefore it wasnâ€™t cash so they could show a transfer value as the value of the bananas. By-the-way the retail spot price on bananas today was .59/lb. When money is traded for a property they should list the purchase price in $â€™s, at least that is how it works in my neck of the woods.
If you want to purchase this house the transfer value will be what you pay for it. Good luck,