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How to conduct apprials of house?

I have found house in zillow which is very less. But bank apprisal is very high. How is possible. Zillow is not updating the value of house or bank is making more apprisal of house. It makes us to which price is right.
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June 12 2009 - Chantilly
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Answers (3)

The bank appraisal if done within the last 60 days is the correct price. Zillow is a wonderful tool but only an questimate. Zillow looks at the average in the area. An invaluable too but it does not take photos of each homes interior nor does it spend 5 hours analyzing the data of each home like an appraiser does.
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July 16 2009
Do you currently have an offer on the house? If you have an agent I would have them do a market analysis of the home, then contact the appraiser to see what they were looking at for their analysis and compare their notes. If you have a ratified contract on the house then you should be happy the appraisal came in high! If you tell me more about your current situation I may be able to offer better advice. If you have a Realtor they should be able to answer your questions as well.
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July 13 2009
You can either higher and independent appraiser or have your Realtor do a comps. I have similar situation where on our short sale our offer is lower than the current market value, which is true but it was a fair market value 4 months back when we have made that offer.
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July 07 2009
 
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