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Across most of the country, foreclosed homes sell for less than they would sell for in a traditional sale. The amount of this discount varies by region. We track the discount by comparing the sale price of foreclosed homes with that home’s Zestimate home value on the day of the sale.

When we aggregate this data at the ZIP code and county levels, it gives us an idea of the median discount of foreclosed homes. For example, a foreclosed home in King County, WA may sell for 10 percent less than it would sell for in a traditional sale.

To calculate the Foreclosure Estimate, we then apply this discount to individual Zestimates. The result is a starting point for determining the discount for which a foreclosed home may sell. Of course, this will be influenced by factors like the condition of the home. We encourage buyers, sellers and homeowners to supplement Zillow’s information by contacting a foreclosure specialist.

What is “below Zestimate?”

It’s the estimated discount gained by buying a home in a distressed state, versus how much a buyer is likely to pay for it in a traditional sale.

The number comes from the difference between two estimated market values calculated by Zillow: the Zestimate and the Foreclosure Estimate. The Foreclosure Estimate incorporates foreclosure data; the Zestimate does not.