What does it mean when a Zillow listing says 'foreclosure'?

My understanding is that foreclosure is a long process that can take many years to complete. Can I assume that if it’s listed on Zillow, then it’s towards the end of the process? If the home was still super early in the foreclosure process, then it probably wouldn’t be listed on Zillow, right? But if it was super late in the foreclosure process, then it would likely be listed as just ‘For Sale’…

You can buy a home at the start of a foreclosure process as long as the lender or person holding the note approves. If the purchase price covers the loan, the bank will be happy. The seller might not like it if there aren’t any additional proceeds, but it beats getting a foreclosure on your record.

@Ben
That’s interesting. So it’s possible to buy at any stage then? I didn’t realize that.

Zillow is simply a media site for advertising Realtors. The marketing term ‘foreclosure’ used may or may not align with the legal term foreclosure. You should double-check in the public records to see where the owner is in the foreclosure process. A foreclosed home will list the bank or financial institution as the owner.

@John
Got it. So I should definitely check the public records for clarity. Thanks for the heads-up!

Make sure you’re looking at a listing for sale. Some people look at things called pre-foreclosures on Zillow that are not actually houses for sale but houses where someone is behind on payments. That info is almost useless.

@Torin
Thanks for clarifying that. I’ll be careful to look for actual listings.