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Answers (3)
- Bonnie Sterling, "Bonnie Sterling"
- Contributions:70
Barry has the right ideas, I would definetely not add the two zestimates, that could create a very messed up value for you, in either direction.
Interestingly, there was a home in Newbury Park that was foreclosed on. The home was on one lot, the pool was on another. The lots were never combined and this made for a very interesting ownership proposition and a very challenging situation for the bank that owned it. I met the person who built the home randomly because he was selling another home and trying to purchase the bank owned lots back. Owning property developed together without the lots combined is a very interesting ownership situation and well worth consideration from a few angles.
Interestingly, there was a home in Newbury Park that was foreclosed on. The home was on one lot, the pool was on another. The lots were never combined and this made for a very interesting ownership proposition and a very challenging situation for the bank that owned it. I met the person who built the home randomly because he was selling another home and trying to purchase the bank owned lots back. Owning property developed together without the lots combined is a very interesting ownership situation and well worth consideration from a few angles.
- Pasadenan
- Contributions:21458
It really depends on how the sales transaction is recorded for both lots, and how the details of the properties are recorded for the lots.
Zillow typically doesn't estimate empty lots, but only ownership unit properties.
Anyway, I've seen some dual properties sold as one come up with better numbers when averaged, and others that are closer to present market value when summed. And some where the second property wasn't shown.
Zillow typically doesn't estimate empty lots, but only ownership unit properties.
Anyway, I've seen some dual properties sold as one come up with better numbers when averaged, and others that are closer to present market value when summed. And some where the second property wasn't shown.
- Barry G. Shapiro, "camareal"
- Contributions:764
This is an excellent question. Zillow's formula for determining a home's value is based on nearby similar properties -- So, if double lots are not the norm, your home will fall outside of the scope of a Zestimate. At that point, either you hire an appraiser (or have a lender hire one and charge you for the service in the case of a refinance), or consult with a neighborhood expert. My office is on Cochran near Sycamore, so I'd be happy to produce a full CMA for you.
If a home sits on two lots, how do I use zestimate. I get two zestimates. Should I add the two?
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