Zillow introduced last week, pre-market inventory to its home-search experience. Potential property buyers can now search through Zillow’s 1 million-plus pre-foreclosure and foreclosure properties, free of charge.
The company said that, these homes are only available on Zillow, as homes which go to foreclosure auction or have reverted to lenders are not yet listed for sale and can’t be found on any Multiple Listing Service (MLS) and they are not available freely on any other real estate sites.
Now home shoppers will be able to see the entire scope of housing inventory in their area, both pre-market and for-sale, side by side.
Traditionally, only savvy investors knew where to find information on these types of properties. Zillow's introduction of pre-market inventory gives buyers a leg up by enabling them to see not only homes that are currently listed for sale, but homes that will soon be listed for sale.
"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," said Spencer Rascoff, Zillow's CEO. "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."
Zillow's pre-market inventory includes:
Additionally, with this launch, Zillow is surfacing addresses and detailed information for more than 67,000 foreclosure listings (bank-owned homes currently listed for sale) in its for-sale search category.