So, you're going into foreclosure. What an upsetting situation! How can you keep your head up in public? Well, at least the neighbors won't know until you actually leave. Uh..., no wait.
Everybody that has any interest will know just as soon as they visit the new Zillow feature which lists all such data. Of course, the data was previously available through public records or from data aggregators, but not everybody was either knowledgeable enough or diligent enough to dig through the websites or courthouse records to find out. Now your next door neighbor will be as likely to greet you in the morning with a question about when you're going to be evicted as they were previously likely to make an observation about the weather.
The easy access to foreclosure data is part of the general trend of our information society which makes access to previously difficult-to-find data easy. Developments like this tend to change society, sometimes for the better and sometimes for the worse.
Aside from the embarrassment suffered by those who have been reluctant to reveal their financial distress, the ease of access to foreclosure data will most likely put some data aggregators out of business. Realtors who hope to benefit from foreclosures will be able to advertise with Zillow and may get some traction that way.
On the other hand, I suspect that many investors and flippers will access the data directly without the benefit of a Realtor. The groups who post yellow bandit signs advertising that they purchase houses for cash are going to be able to use the data to approach property owners directly, avoiding the additional expense of a commission.
Maybe I'm wrong, but I can't see this development as a positive for the real estate sales community. Perhaps it could be viewed as a positive if it results in fewer homes actually going back to the banks, lowering the REO inventory, and increasing the general inventory of available homes.
What do you think?
Comments(9)