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This is intriguing to me.  The map above comes directly from almighty Google.  I am of two different minds about what this map presents:

1. I think it is pretty swift that Google plots real estate for sale on their maps;
2. I think it is frightening that Google is plotting “soon to be foreclosed” homes on their maps.

Let’s not talk about why we are in the real estate mess we are currently working our way through.  Rather, let’s talk about what that map presents.  That map shows foreclosures (homes that banks have reclaimed for non-payment of mortgage) and homes that have received a first notice of foreclosure.  This first notice of foreclosure is the first step in a bank’s procedure to reclaim a home.

This mapping of the homes that have received a first notice of foreclosure is, in my opinion, a sticky wicket.  You see, work with value conscious buyers in this market and you will quickly see buyers will search out any resource they can to find great value in housing.  This is not a bad thing, as buyers these days are extremely well educated and raring to go, when it comes to the house hunt.

No, the problem is that this mapping and, more specifically, the data sources the mapping is based upon, can frequently be incorrect.  Which brings me back to the listing/mapping of pre-foreclosure homes.  An educated buyer that peruses Google, or any other real estate portal that shows pre-foreclosures, will quickly find that some of the homes they are considering are not actually for sale… yet.

You see, here in the state of Michigan it can be as long as six (6) months before a foreclosed home becomes an active listing to purchase.  There are some exceptions to this rule, but they are definitely NOT the norm.

Did you notice I didn’t even talk about the potential embarrassment, repercussions, etc to the current owner of the home that is being foreclosed upon?

I have buyers, that, after closing, call to inquire when the listing agents’ sign will be removed because,

We have people peeking in our windows to ‘see’ the home… at all hours.

If interested purchasers of real estate are willing to walk across the property of a home with a “For Sale” sign on the lawn, is it possible they might also traipse across the yards of homes that are listed as a foreclosure when they are simply in the pre-foreclosure stance?

What’s your take on Google mapping out foreclosures and pre-foreclosures?

[hat tip to TechSavvyAgent for pointing this out]