Nasty World of Foreclosures
By: Diane Tuman, Zillow Content Manager | March 21, 2007
Today’s Wiki Wednesday Feature: Foreclosures
As I was looking for a topic to feature this week, there was one news headline I’ve had a hard time avoiding: subprime mortgages. This post is not about subprime lending, but about what happens after subprime loans go south: foreclosure.
Foreclosure is a nasty business and it reminds me of when a co-worker loses his/her job; shock is realized, sympathies are expressed, and after the whispers die down, their office is stripped of the most coveted items — "Can I have your chair?" "Do you mind if I take that bookshelf?" Ouch! One person’s loss become another person’s gain.
We’re now starting to see ripples of a foreclosure storm that will force people from their homes, while creating opportunities for others. With this in mind, there are two foreclosure articles in the Real Estate Wiki that lay out the world of foreclosures pretty thoroughly:
Foreclosure Overview
Foreclosure Primer
Both articles provide a pretty straightforward peek into the foreclosure process and the pitfalls. And let’s be real here: Foreclosures are not for the weak of heart, especially when you might need to evict the previous owners.
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- Categories: Real Estate Industry, Wiki Wednesdays, Zillow
Comments
7 Comments so far
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Dan on March 29, 2007 11:37 pm
It would be really great if you would add a new flag on the Zillow maps for pre-foreclosure and foreclosure properties. I’d check in every day for foreclosures.
Otherwise, keep up the good work. And work to get a larger percentage of listings into the system. I hate that I still have to check the MLS when Zillow is so much better.
Albert on September 28, 2007 4:47 am
Unfortunately, there is too much misinformation regarding lists of foreclosed properties, whether bank owned or government owned, pre-foreclosure or post-foreclosure, statewide, nationwide or local. johnbeck.tv
David G from Zillow.com on September 28, 2007 9:02 am
Dan -
Sorry, we’re not going to add pre-forclosure properties. Once the home is bank owned and genuinely on the market it should be listed on Zillow - but we’ll leave the pre-forclosure mess and the invasion of privacy that comes with it to the folks that specialize in that stuff.
Free Foreclosure Help on February 21, 2008 7:59 am
David, maybe you should have a feature that helps homeowners in pre-foreclosure hook up with a competent short sale real estate age or an attorney?
A lot of these people need help and are getting robbed by these loss mitigation specialists.
Thomas on March 24, 2008 11:22 am
I actually found some useful information from the government of all places about how to stop foreclosure here http://hubpages.com/hub/Avoiding-Forclosures
Real Estate Resource on March 26, 2008 8:18 pm
@Thomas
Thanks for the link you’ve provided, great information about avoiding foreclosures to happen.
-Jan
Loan Modification Blog on December 12, 2008 6:15 pm
The foreclosure process can be daunting for anyone. Thanks for the link to the foreclosure overview!