Profile picture for wshelto

How can 1 property have 2 different home value histories?

We bid on the house while it was a short sale 6 months ago. The MLS stated that the house was for sale for 350,000. It was assessed at 295,000 2 months ago.  Last week the house went into foreclosure and suddenly the home according to Zestimates is worth 512,000.  Zestimates history now states that the home was listed last year for 800,000.  All of these new values are incorrect.  I've been following this home for a few years and I know it has never been listed for more than 550,000.  Now that JP Morgan Chase is the bank owning the home in foreclosure, Zillow seems to have drastically changed the statistics for them.  My question is how much money does Zillow get from the big banks (JP Morgan Chase) to create a totally new value history for a home, full of falsified,inflated numbers just to make the home appear to be worth more than it is.  Zillow please try and check your facts before duplicating incorrect information on the internet. People are watching these homes.  I have a screen shot of the 2 value histories.   
  • September 06 2011 - Tijeras
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Answers (2)

Profile picture for sunnyview
I cannot see the house and I am not Zillow so I am somewhat limited in what I can say, but there may be reasons that the Zestimate went up significantly. I have watched houses like this. When the owner cannot pay and the house goes back to the bank, the bank that holds the first mortgage basically "buys it back" for what is owed on it to protect their interest. Sometimes in houses I have seen that amount is actually higher than the mortgage amount

Then, the house gets listed as an REO for less than the mortgage amount. Many agents who list these REO's for banks send feeds to Zillow in bulk. It is not unusual to see incorrect addresses, detailed interior photos that do belong to another house etc. They list a lot at one time so mistakes are made often.

I do not think that Zillow changes values for banks. It is more likely that they made a mistake in including a foreclosure beyond the amount of the mortgage as a sale in their number somehow that pushed up the Zestimate. Does the transaction history for sales have a recent high sale amount? That could explain a lot.
  • September 07 2011
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Profile picture for boz357
This site does not render accurate listings of each home that's why the listed home valuations are called zestimates.  Ironically, the name zestimates speaks for itself because the z stands for zillow's.  If you want a true valuation of your home or another home, contact your local county housing office.

  • September 06 2011
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