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thank you azrob...
really.., it is a computer based opinion/estimate of value based on public records. As Zillow Dave and others stated it is not even used to determine value for lending purposes (and should not be). Professionals are still hired for that.
I could run an algorthim to estimate which team will win the super bowl. If I bet the farm on that team without getting actual research done to support what the computer told me I would be the one making a mistake.
Yes zillow undervalued your home (thank you for updating the needed info to somewhat correct that). But, if you want the actual value get a professional to determine that for you. (lol, If you want your neigbors to now know the actual value take the professional numbers and place them on a sign in front of the house)
@Dennis -- two other things I wanted to touch on:
One, even though the public record is wrong, your Zillow page is correct because you've updated the Home Facts – so thank you! If you want to follow up with your county, that's your choice, but either way you've already made Zillow more accurate.
Two, I want to re-emphasize that no bank should base decisions on Zestimates. If the banker was simply having a discussion, ok. But if the lender was actually making a lending decision by consideration of the Zestimate, that's not the right use for the Zestimate.
-- David
dennis-- it's your house. if you really want the ESTIMATE updated, claim the house using the functionality of the website, and update the information. then, give it some time for the COMPUTER ESTIMATE MODEL that creates the ESTIMATES to take the new info into account.
notice the stressing of the word ESTIMATE? that's because that's all zillow values are-- an ESTIMATE created by a computer model. it's not a hard, factual price. it's not based on an inspection of your property by a licensed appraiser or agent. and, it's not intended to be used for valuation purposes or real estate transactions of any kind. it's a FREE ESTIMATE. This is all clearly stated on the website. If the user doesn't bother to read and understand this, it's the user's fault.
suing zillow because you tried to mis-use their free estimate to value real estate instead of using an appraisal/CMA would be like suing Liquid Plumber because you didn't read the label and drank 4 bottles of the stuff at once to try to cure your cough.
Since October 2009
Since October 2009
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Has anyone initiated a lawsuit against Zillow for undervaluing their home?
dennisjamesperez
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