Does the foreclosure of a california home equal a sale?
Recently, I’ve seen way that sales number for homes in california almost double compared to a year ago. I saw a blurb that bank foreclosures on a home show up as a home sale in california. I’m thinking this may possible explain the much higher rate of sales and dramatically lower prices. Anyone know if a bank foreclosure would show up as a home sale in california?
The actual foreclosure is not counted as a sale. It only becomes a sale once the lender has successfully sold the property to another owner.
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February 15th, 2010 at 4:54 am
Any transfer of real estate equal some type of sale and certainly a foreclosure is a sale. The bank or lender takes the property as collateral for the unpaid mortgage loan.
So when an appraiser is appraising a property these sales must be taken into consideration.
I hope this has been of some use to you, good luck.
"FIGHT ON"
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February 15th, 2010 at 5:22 am
The actual foreclosure is not counted as a sale. It only becomes a sale once the lender has successfully sold the property to another owner.
References :