When you're doing an REO - BPO and it reverts back to the bank. Do you bother to check the box that says "has this property transferred ownership in the past 12 months?"

Technically it has, but I typically don't check it because I think they'd know that they now possess the property.

How many people think I'm wrong for assuming this?

huh I guess you are right. I've always thought they wanted to know if if was transferred before they got it. Most forms though want the price paid, date and all that though if you click that it has been transferred. When a bank forecloses there really isn't a "sales price" Interesting question though.

I always put the info even if it goes to the bank. Dont know if that is the correct thing to do but technically it has been transferred and that is what they asked for.

If it is on the tax record I do...

Sometimes the foreclosure sale is not recorded in the public records until they resell the property at which time they do "consecutive recordings" of both transactions.