Profile picture for sandman1955

Low valuation

I feel that the estimated value on my home, 350 11th Ave. Unit 918, San Diego is artificially low. It will prevent me from being able to refinance. How can it be changed?
  • December 12 2011 - East Village
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Answers (8)

and while I was on the line the agent looked up current value online( not sure exactly where) and indicated a number significantly lower then Zillow's.
 
BofA has their own AVM, which I also have found to be usually LESS than Zillow since from my experience Zillow is usually a little HIGHER than other AVM systems banks use.

I know that the Z estimate is not used for a loan valuation but the fact that the area has had forclosures and short sales distorts what any appraiser could submit to a bank as an acceptable appraisal.

It does not DISTORT values, it MAKES values, unfortunately. Also, as you state, if all of the comps are SHORT sales or REO's, then thats what an appraiser, BofA AVM, or Zillow would use. The bank simply wants to know how much your home is worth TODAY if they took it back, its that simple.
  • December 13 2011
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Profile picture for sandman1955
I am dealing with B of A and their initial reply was that they could refi 95% of current value and while I was on the line the agent looked up current value online( not sure exactly where) and indicated a number significantly lower then Zillow's. I know that the Z estimate is not used for a loan valuation but the fact that the area has had forclosures and short sales distorts what any appraiser could submit to a bank as an acceptable appraisal.
  • December 13 2011
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Profile picture for Connie Klemme
zestimates are for information only.  As Vince stated, they are not used for appraisals.  Banks don't use online valuations (zillow, epraisal, trulia etc) to determine the value.  buyers don't search for properties online based on a zestimate, they search for a property based on the details of the property.

it's annoying if it's low, but it's not something I'd worry about harming your chance of refinancing.

one thing you can do is check to see that the details and information about your home are correct, if they are wrong (sqft, lot size, year built etc) then update it, you will see the zestimate update in a few weeks to reflect this new information- however if it's wrong on here, it's probably wrong everywhere else too...check to see that county records are accurate and change them there so zillow, truila and all other sites that pull from public records will have updated, correct details.
  • December 12 2011
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It will prevent me from being able to refinance. How can it be changed?

As stated, appraisers dont go by Zestimates. And It cant be changed, I wouldnt worry about it. Youll learn how much your home is worth when you get your appraisal for your refinance...
  • December 12 2011
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Don't worry, an appraiser won't use Zillow or any other consumer web site to evaluate your home. A proper appraisal will be done using market activity and your home's condition.
  • December 12 2011
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Hi Sandman,
Are you referring to your Z-Estimate on this website? It may be very different from what an appraiser would come up with. If you need assistance or would like a free market evaluation, please let me know. I would love to help.

Thanks!
Sinead
  • December 12 2011
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Get an appraisal
  • December 12 2011
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It is a statistical guess using sketchy data sets that are publicly available. The disclaimer page says not to be used as an appraisal.
  • December 12 2011
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