Yesterday Redfin switched to a new data source, giving you a more complete view of the foreclosure market. When you do a search on Redfin, select the option for Foreclosed homes to map the shadow inventory. As Redfin explains, shadow inventory is made up of “homes that have been foreclosed upon by the banks, but are not yet processed and back on the market.”
The addition of shadow inventory makes for a great shopping tool, and it can give you deeper insight into the market surrounding a non-foreclosed home you are submitting an offer on – as Seattle Bubble and The SunBreak are quick to point out.
So, let’s take a look. A search of Seattle’s condos and townhomes yields 76 foreclosures that are not yet listed on the MLS; including homes in the Braeburn, Lumen, Press, Bolero, Bagley Lofts and even two at 2200.
By looking more closely at the listings for the two units at 2200, you will see that you have access to more data:
- 2200 Westlake #S502 is a 1bd/1b located in the Arte building. Last sold for $367K in 2007, it was repossessed at auction by FNMA in January 2010 for a value of $300,657.
- In the Azur building, 2200 Westlake #W700 last sold for $845K in 2007. This 2 bd/2b was repossessed at auction by Deutsche Bank in November 2010.
Too bad you can’t see when it will be listed for sale. Fortunately, you can add a foreclosed home to your Favorites list and then sign up to be notified when it is.