Nevada City Virtual Tour

Thursday, November 29, 2012

Zillow has added foreclosures to its website

What You should know as you gain greater accessibility to foreclosure data

Zillow has added foreclosures to its website, giving the general public access to basic foreclosure information on all properties. Foreclosure is a complicated process and the availability of this information will create many questions about the overall foreclosure process and the status of specific properties. Although foreclosure notices have always been a matter of public record, this now makes it easy for the general public to see which properties are in foreclosure. Properties in foreclosure are not necessarily available for sale, and this will cause confusion for potential buyers and distress to homeowners in foreclosure as their situation has now become even more public.

Consumer-focused sites only provide limited foreclosure information, based solely on recorded notices, and without the daily updates on status and outcome that our professional users rely on. According to ForeclosureRadar, the number of notices of default issued in California was 14,090 in September 2012, up almost 2 percent from the prior month. The average foreclosure in California takes 282 days to close, and there are a number of changes regarding the status of a property that can occur during that time, which many consumers simply are not aware.

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