Profile picture for user7701110

I see a home in Anchorage that Bank Of America owns.

Zillow details say that BOA bought the house at auction for 285K. Zillow estimates that the house will sell for 160K. My question is
1. Is that deal to good to be true
2. How do I proceed with a 160K offer

Thank you,
  • November 12 2012 - Anchorage
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Answers (6)

I would like to see the numbers in Boulder, 20% range having 94% meet that isn't a terrible stretch. 

I just have a hard time agreeing with a computer program that tells me what a property is worth, because there are positives and negatives that effect every single home that there is.  A computer program simply is unable to establish that. 
  • December 27 2012
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The bank will NOT use any online valuation....

Well they dont use Zillow, but BofA does have their own Zillow, or online AVM, to compare the value of a specific home with an appraisal or Realtor BPO. Its not public but works the same way as Zillow. In fact all lenders have them - and if they differ from an appraisal or BPO, red flags go up.
  • December 27 2012
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First off, Alaska is a non disclosure state for sale price, so many outside estimates of market value will be based off of tax assessment which might be completely different. Is the home active on the market? If it is then you are able to make an offer just like any other property. However, you need to research a couple things first. Are you pre-qualified for a loan? if so, what type and what are the conditions regarding as-is properties? If you contact me, I can do a market analysis of the property and go behind the scenes to see what is owed, sale history, condition disclosures etc... That deal might be too good to be true but it can also be doable depending on the property.. Hope that helps!  Take care, Katherine
  • December 27 2012
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Profile picture for wetdawgs
@Bob:  Zillow doesn't tend to delete polite criticisms, but I'm curious about statistics backing  your observations.

Zillow says for Boulder county as of Nov 7  they see 46.3% of homes selling within 5% of the Zestimate, 75% within 10% and 94.9% within 20%.   (A median error is presented of 5.4%.)    What numbers are you seeing for the city of Boulder?  

When we sold in Boulder, not a single one of the 3 CMAs and 1 appraisal was within 5.4% of the sales price!
  • November 26 2012
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Here is some helpful information about short sales: [deleted by Zillow moderator.  Please see our Good Neighbor Policy for posting guidelines]  Regarding Zillow and prices - hey I love Zillow. I advertise here and answer questions, use the site, etc. But it is common knowledge in Boulder that zillow is way off the mark on prices. I wonder if zillow will block this post.
  • November 26 2012
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Profile picture for Outer Banks N C
In short you don't. The bank will NOT use any online valuation, that would not be close to reliable. It does not much matter what the bank buys it for, they will determine the current market value of the house by getting Realtors or appraisers to determine the value as it is. Then they have meetings and determine the loss they can take on the sale. Then they will list it for sale with a Realtor in the local MLS system. Then, and only then, will you and everyone else be able to make an offer. Banks move very slowly so it could be months before it is listed for sale. Until they do their work they would have no idea what they will sell it for -- of course you could offer them more than they paid and they might sell it to you, but I get the feeling that is not one of your options.

Tim
  • November 13 2012
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