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"Zillow now lists homes in trouble" LA Times 10.26.12

Do you list "homes in trouble" as mentioned today in the LA Times-and do you have advance notice of County of Los Angeles forclosure dates?
sincerely 
J Oppenheim
pahohoe@gmail.com
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October 26 2012 - US
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Profile picture for Pasadenan
One might also notice that Zillow has added a second estimate for these "distressed properties", applying a discount factor from the Zestimate, based on location & type and modeling of distressed sales in the area.

See the FAQ: what is a foreclosure estimate?

As it is still based on the Zestimate, it still has the limitations of other Zestimates, and should not be used as a bidding guideline nor offer amount.

These distressed listings will still not include most short-sales, as many have not been in default on their loan payments yet, since they are trying to liquidate them before they are forced into default.
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October 26 2012
Profile picture for Pasadenan
The 90 day late noticed properties have been on this site since at least 2006.  Mostly provided by Foreclosure.com.

The auction dates  were not included in the past, but they are now posted on the home details pages.  The auction dates are not posted for 90 day late notices.   In the past, the addresses were not even given; but it appears they are giving them now.  And it appears they are now posting the date the 90 day late notice was issued.

One primary difference now is that the filtering (effective this week) allows one to EXCLUDE these "distressed properties" from the search results.  Previously they were just mixed in and annoying, especially as properties with 90 day late notices won't be on the market for quite a while, if at all.

Try it... go to:
http://www.zillow.com/homes/
type in the city of interest, then in the filters box, select "pre-market"; unselect "for-sale", "for rent", and "recently sold", and in the "pre-market", unselect "make me move".

Remember, if it says "pre-foreclosure (auction)", it means it is in the process of being foreclosed and an auction date has been set.

If it says "pre-foreclosure" (without "auction") it means a 90-day late notice has been sent to the owner and publicly published.

If it says "foreclosed" it means it is an REO that is for sale by the financial institution.
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October 26 2012
Zillow has been listing homes that were in short sale and owned by banks for the entire time.

This new thing should allow the average buyer to be able to see what the REAL inventory is in the coming months. They have started listing homes that were bank owned but not yet on the market. But the real shake up comes from them listing homes where foreclosure proceedings have only just begun and where there will be an auction soon. These details were only available to more savvy investors before, and from paid sites. 

It will be good for some, if they can figure out how to navigate through everything that can go wrong on these purchases. This is a decent article: Zillow Adds Free Details
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October 26 2012
Homes in trouble can be short sales, sellers are trying to sell before the bank forecloses for less than is owed to the bank to pay off the mortgage. Foreclosure auctions, aka trustee sales or sheriffs sales are advertised in the newspapers and require a sophisticated buyer with cash, no loans. Once foreclosure is over the bank often get them back and sells them as bank owned homes.

Tim
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October 26 2012
 
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