Profile picture for SREYES74

If a property shows a listed price of 39k but the zestimate lists 279k which of the two do I go by?

The listed price for the foreclosure is the balance owed and sell price correct?  And the zestimate is just to let the buyer know the current market value...am I correct?

Please advise.
  • October 27 2009 - East Orange
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Answers (8)

... That must be the deal of the life time... that or the zestimate is incorrect... Unfortunately I feel the zestimate is incorrect. There was a guy with a similar post. the zestimate claimed his house was 1.3 million and he only paid $300k for it months prior lol.

If the zestimate is correct and the house is worth 279k and only listed at 39k, It is probably in poor condition somehow. Though banks don't want to keep forclosures they don't give them away at 1/8 of the value unless something is Horribly wrong with it. (if something is too good to be true it probably is)

if I offered you a 40k car for 5k you would instantly ask me what is wrong with it ;)

and side not for pasa: an agent can't charge you in these parts to just show you a home the agent gets paid at the closing

  • November 02 2009
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Profile picture for Blue Nile
And if you are thinking about "flipping"; just remember that other will be too, and those with more experience will have the advantage, both in their offer, and in their ability to turn its condition around quickly and re-sell it.
  • October 29 2009
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Profile picture for Blue Nile
Before you even contact a realtor, you need to walk the area.  First hand experience is always better than any kind of second hand opinions.

Sure, that won't tell you about inside the house nor under the house, nor in the attic; but there may be enough visible and audible to tell you this is not the location of your interest.

And if the "low" list price is "too good to be true", it probably is not what it will sell for, or it is probably trashed.  If it is trashed, you should be able to see that from the outside, though some people have been known to only strip the interior walls and all the wire and plumbing, making it still appear fine on the outside.

If you have a realtor friend, they probably will let you in without a contract and without charging you.
  • October 29 2009
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Srey,

Zillow gets upset wtih me when I say this, but I am for the consumer because it is he/she that pays me and exect that Zillow's primary goal is to serve the consumer most accurately.  Having said that, Zesitmates can be accutately inaccurate (and understandably so when u understand how they get info - yet in some neighborhoods they are quite accurate) as can list price (as one never knows who input the info - it could be a disgruntiled neighbor).

Frankly, as with the financial markets the internet can never replace the local represenative who can serve you best and can often paint an accurately inaccurate picture.

Enough of the negativity, contact a local realtor who may cost you $2k or so (if the property is not currently listed with a Realtor where then you willnot be paying a fee). My question to you would be  . . . would not the investment of possibly $2k outweight a potnetial wrong decision that may cost you $20K. Economics 101 teaches us "there is no such thing as free lunch!".

Skimp now, and possibly pay later.


  • October 29 2009
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The listed price could be higher or lower than the balance the prior owner owed the bank.  The bank will try to get as much for it as they can.  Go with an agent and check out the property. There could be any number of problems or issues and you will probably be buying it "AS IS".  If you think you want it after seeing it yourself, definitely get a good home inspector and do all of the tests to make sure you are not buying a big headache.

  • October 28 2009
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Profile picture for Blue Nile
Low foreclosure listing prices are often not what the bank will accept, but are set to generate multiple bids.

Zillow's estimate does not take into account condition at all, and is just a least squares curve fit (linear regression) using recent vicinity sales and public records data (sqft, lot size, #beds, #baths, #stories, recent sales price/date, tax assessed value...).  There are a lot of other things that factor into actual value that cannot be known by a machine, but if the property is generally in good condition, and the last sale and tax assessed value were reasonably good, at least the curve fit results will be in the right ball park.

So, which do you go by?  NEITHER!  Until you have visited the property and done your own assessment, you should not be making any offers.
  • October 28 2009
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Profile picture for Peter J Rogers
With a foreclosure the listed price is the price that the bank is willing to accept to get the house off their hands and is probably a lot less than is actually owing.
Where you are situated there are a lot of houses that have been trashed so the zestimate price is what it would probably be worth were it in good shape.
You have to remember that the bank is responsible for the property and the town will  lean on them to take care of it so they might even accept less than the 39K.
there are a number of people who buy up these homes to either restore them or tear them down and start over but its not something that is for the novice.
  • October 28 2009
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Which property are you referring to? I might be able to help more if I can take a look.
  • October 28 2009
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