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Zillow reduces number ‘premarket’ foreclosures on site

The site will not list homes that have been stuck in foreclosure, somewhere between the default notice and the auction date, for more than a year with no activity. It also will not include any property for which an auction notice was filed, but there has since been two years with no activity.

While Zillow has data on those homes, it decided to err on the side of caution by not counting the properties, in case there had been a resolution and it had not been recorded, spokeswoman Alison Paoli said. When there is some publicly filed activity on those foreclosures, the properties will be added to Zillow’s site.

The site also includes 260,000 foreclosed properties that have been repossessed by lenders but have not yet been listed for sale.

mepodmolik@tribune.com | Twitter @mepodmolik

Article source: http://articles.chicagotribune.com/2012-10-29/business/chi-zillow-reduces-number-premarket-foreclosures-on-site-20121029_1_zillow-foreclosures-auction-date

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