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:
- Nearly 1 million pre-foreclosure properties: Homes where the lender has initiated foreclosure proceedings or an auction has been scheduled.
- More than 260,000 foreclosed properties: Homes that are owned by a bank or a lender but have not yet been listed for sale.
- More than 147,000 Make Me Move® properties: This is a Zillow feature where homeowners have named a “dream price” for which they would potentially sell their home.
Zillow now enables shoppers to see home details and unique data on these properties, including:
- Foreclosure Estimate: Zillow’s estimate of the sale price of the home if sold as a foreclosure, in addition to the percentage and dollar discount this represents off fair market value.
- Number of beds and baths, square footage and historical sales and listing history.
- Foreclosure details, including: timeline of the foreclosure process, foreclosing loan amount, unpaid balance, lender, trustee and/or attorney information.
- Contact information for local real estate agents trained to help buyers with the foreclosure process. Zillow also is launching the Zillow Foreclosure Center www.zillow.com/foreclosures/, which provides consumers with information and how-to guides on navigating the foreclosure process and answers frequently asked questions about foreclosures.
Zillow’s pre-market inventory search is currently available on Zillow.com and iOS mobile apps.
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.