House hunters on the prowl for foreclosed homes will soon be able to check out these properties before they even hit the market.
Real estate website Zillow has started listing properties that are bank-owned or in the foreclosure process, but not yet on the market, reported The New York Times recently. Zillow’s inventory includes 1.8 million such properties.
From the Times:
Having access to an inventory of “presale” properties — those that are pending foreclosure or that have already been foreclosed on — may make it easier to get a jump on properties potential buyers are interested in, said Amy Bohutinsky, Zillow’s chief marketing officer.
This feature may also help house hunters, investors and other interested people get a better sense of the so-called shadow inventory, the looming foreclosures that many fear will pull down housing prices when they hit the market.
- New Tool Aims to Determine How Valuable a Foreclosure Will Be as a Rental
- Foreclosure Sales Drop in DC and Virginia as Prices Rise
This article originally published at http://dc.urbanturf.com/articles/blog/zillow_to_list_presale_foreclosures/6231
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