Answers (3)
Best Answer
- wetdawgs
- Contributions:40758
Refinance lenders should not be using Zillow to determine the value of your house. If they are, you don't want to use that lender because the Zestimate rules clearly state they aren't to be used for appraisals. You will have to pay for a new appraisal as part of the refinancing.
Zillow Zestimates are not appraisals, they are numbers generated by a computer statistical model. They cannot be changed upon demand. You can claim the home and put in comments to say the actual appraised value on date x/x/200x was $250,000 if this is a big concern. Zestimates also don't include upgrades or water front property - at the moment those are not part of the algorithm.
Zillow Zestimates are not appraisals, they are numbers generated by a computer statistical model. They cannot be changed upon demand. You can claim the home and put in comments to say the actual appraised value on date x/x/200x was $250,000 if this is a big concern. Zestimates also don't include upgrades or water front property - at the moment those are not part of the algorithm.
- Angela Hardy, "AngelaHardy"
- Contributions:339
The bank doing your refi is not going to use the zestimate on zillow to value your home. They will send out their own appraiser.
- Solid Rock Realtors
- Contributions:102
I would check with your county assessor and find out the value they have for it. If you pay property taxes this lower value could be a bonus for you. Once you hire a Realtor to sell your home the the value will be important, until then I wouldn't loose sleep over it.
My house is valued incorrectly. We bought for much less than it was worth because he was forclosing?
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.