patrick.net
An Antidote to Corporate Media
1,198,168 comments by 14,128 users - Booger, mell online now
invite responseComments 1 - 1 of 1 Search these comments
1
stocksjustgoup
2009 Jul 17, 9:23am
When a bank takes back a house, they need to clear the lien, even if the lien is their own. Whatever is owed on the house is the lien amount, and when it's cleared, it's reported as a sale for that amount. It's confusing, but that's the way it's done.
When the house goes back on the market, if they're smart, they'll price it based on what it might sell for, which these days is usually far less than what was originally owed on it when they took it back.
I am seeing a lot of listings where properties have ben sold within the past year and are on the market againg
but for a much lower prices, sometimes half the last sale price. Does anyone know what that is all about?
Why would somebody have bought at a "reduced price" six months ago and now already be willing to take a huge loss?
I found several of these in the Fannie Mae listings.