Do you know the difference between a foreclosure, a pre-foreclosure, and a foreclosed property?

If you’re out there searching for homes on Zillow, you should know a few things about some of the properties they have listed. At least once a week, we get a question about a foreclosure, foreclosed, or pre-foreclosure listing that someone has found on Zillow. Each of them is different and has different implications for you as a buyer.

A pre-foreclosure is a property that Zillow has found where the owner is behind on a payment. A pre-foreclosure is not a home for sale and might not ever be for sale. As real estate agents, we don’t have access to that home either. All it means is that someone has missed a payment, which happens from time to time.

A home that’s listed as “foreclosed” on Zillow is a property that is a potential listing. The property is potentially going to be for sale in the future but hasn’t been listed quite yet. There is a chance that the bank could buy the property back or an investor could, but it’s not final.

A “foreclosure” is an actual listing that’s available to the public to purchase. It’s usually the bank who buys back this property and it’s considered a Real Estate-Owned (REO) property. It’s everywhere, including our MLS, and we can provide you with all the necessary data about this property.

“Each of these types of properties is unique.”

As you can see, each of these properties is different and aren’t really bunched together.

Before we go, we also wanted to let you know that we’re going to be launching a really cool site. It’s a really clean, simple interface with accurate, up-to-date data that you can use to get the most accurate information possible. Be on the lookout for that in the near future.

If you have any questions about any of these kinds of homes or anything else related to real estate, don’t hesitate to give us a call or send us an email. We look forward to hearing from you soon.