We pulled sample data on homes across the state to see which Pre-Foreclosure listings are actually for sale. This way you can be sure you are not missing out on any homes on the market. If a home is for sale it will show up - even if it is a foreclosure - when you select the red For Sale option. They should not select the blue Pre-Foreclosure option when searching. We advise home buyers that the best way to use Zillow is to select the red For Sale option when searching, as this will only show homes that are actually for sale. We’ve received a lot of feedback from our buyer’s agents and from agents outside our company and they agree they are seeing this happen with buyers more and more. But buyers don’t always understand that, and so they waste a lot of time thinking about properties that are not on the market.” If the MLS does not have the listing, then the property is not for sale – not even a bank-owned home, because banks also list homes through the MLS. “The problem is that listings do not start with Zillow, RealtyTrac or even ! The source of all listing data begins with the local MLS. Often, when they contact their buyer’s agent to schedule a showing for these Pre-Foreclosure homes, they don’t believe agents when they say the homes are not for sale. Since so many listings show up in the search results, buyers mistakenly believe the Pre-Foreclosed properties are also for sale. The historically low inventory of homes due to the pandemic has prompted home buyers to search for Pre-Foreclosure listings as an alternative option to regular listings, as competition for traditionally listed homes is higher than ever. Consequently, many real estate agents are frustrated by Pre-Foreclosure listings as well. Many home buyers incorrectly assume that because the Pre-Foreclosure homes are listed alongside traditional listings pulled from MLS, that they must be for sale and available for showings. The homeowner is not allowed to opt-out of having their home publicly listed. Once an official notice from a lender has been served to a homeowner, Zillow pulls the public record, posts a Google street view image of the home, the address, and some details about the property. The fact is the owners of these homes often aren’t even aware their home is being featured as one of Zillow’s Pre-Foreclosure listings. Likely even longer at the current time with the Covid related foreclosure halt since March 2020. In the unlikely event they end up eventually being for sale, it would be a long time before they went on the market, as the foreclosure process in Massachusetts typically takes over a year. Some of these listings are in foreclosure, but this doesn’t mean the home is for sale or even ever will be. As well, Zillow has published disclaimers on their site saying: “Be aware that a home listed under the pre-foreclosure category is a home that is not necessarily for sale.” Zillow states here in their own article “Buying a Pre-Foreclosure Property” that the owner may be working to clear the default and that it’s not uncommon for homeowners to resolve their financial problems. Most Pre-Foreclosure homes are just properties where the lender has initiated foreclosure proceedings because the owners are behind on their mortgage payments. The problem is most of these homes are not actually for sale and may never be for sale. When a home buyer goes to the Zillow home page, Foreclosures is a clickable link under the ‘Buy’ dropdown in the navigation bar. These listings are causing a great deal of frustration, confusion, and disappointment for both home buyers and real estate agents. Zillow, a third-party real estate site, has a search feature called Pre-Foreclosure listings.
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