Real Estate

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.

2 Responses

1. loanmasterone Says:
   February 22nd, 2010 at 2:02 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"
   References :

2. acermill Says:
   February 22nd, 2010 at 2:21 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 :

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