19 Nov Formerly Invisible Properties Now Available on Zillow
It wasn’t until recently that Zillow made information available to home buyers about pre-foreclosure and foreclosure properties. But according to the online real estate site, 55% of home buyers have expressed an interest in purchasing a foreclosure property, and now 1.2 million pre-foreclosure and foreclosed properties are available at no cost. These properties include homes that are not yet listed and have not appeared on any Multiple Listing Service (MLS).
CEO Spencer Rascoff adds, “For the first time, home shoppers are able to see the entire scope of housing inventory in their area, both pre-market and for-sale, side by side. This is another tremendous step forward in consumer empowerment. Zillow is taking information that was really only available to a select group – in this case, savvy investors – and making it more easily available to interested home buyers. What’s more, bringing this information to light, and taking this inventory out of the shadows, can help bring these homes to market faster than ever before.” The move comes as a way for all home shoppers to have access to information that only certain investors had previously, including Zillow’s own estimate of the home’s foreclosure sales price that includes a percentage and dollar discount based on the FMV (fair market value). Other foreclosure details will include the foreclosure timeline, unpaid balance, and the lender, and will be available to those who sign-in.
Pre-market inventory includes pre-foreclosure properties, which are homes that have begun the foreclosure process or have been scheduled for auction. According to Zillow, there are currently about 1 million of these properties, and they also have 260,000 unlisted foreclosure properties.