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Replies (7)
- shapiroamg
- Contributions:3058
If your banker is relying on zillow to figure out if you should refinance or not, then it may be time to find a new mortgage person.
Is is also a violation of the Equal Credit Opportunity Act to discourage an applicant from applying.
PS-My NMLS Continuing Ed classes are teaching me something. :D
Is is also a violation of the Equal Credit Opportunity Act to discourage an applicant from applying.
PS-My NMLS Continuing Ed classes are teaching me something. :D
- Pat Pribisko, "Pat Pribisko"
- Contributions:1426
Zillow readily admits that its Zestimates are merely estimates based upon public records. I suggest that you consult with loan officers for at least 2 local banks. The typical lender does not consult Zillow. Once you have made a loan application, the lender uses an appraiser to determine the value of your home.
- Vince Curtis, "SoCal Appraiser"
- Contributions:4699
my banker looked at Zillow and saw a $20,000 loss since I bought it. It looks like my refinance isn't going to happen....
Banks dont use Zillow, they use appraisers....WHO is using Zillow to estimate value for a lending purpose ? Could they just be using Zillow as an excuse NOT to give you a loan . Would love to have the contact info for your banker....
Your Zestimate and your homes value many times are NOT the same, even Zillow admits that....
Banks dont use Zillow, they use appraisers....WHO is using Zillow to estimate value for a lending purpose ? Could they just be using Zillow as an excuse NOT to give you a loan . Would love to have the contact info for your banker....
Your Zestimate and your homes value many times are NOT the same, even Zillow admits that....
- Candace Camacho, "CandaceCamacho"
- Contributions:420
Keep in mind a zestimate is just a starting point. Like Vince Cutis said above"Banks dont use Zillow, they use appraisers". Get an appraisal done. Also talk to the loan officer at the bank and see what other factors they take into consideration for your refinance.
- gary wendorf
- Contributions:4
In spite of all your negative remarks about the bankers, it is a fact that Zillow is the first place they went to look at an approximate value. I was there and saw it. USBank did send an appraiser whose estimate was much better than Zillow but they sure caused an unnecessary reaction. If Zillow is so erroneous with their estimates they should delete them. The rest of Zillow is fine.
G.
G.
- sunnyview
- Contributions:25139
Some banks do use Zillow as an in office short cut to see if you are in the ballpark for the loan that you are requesting, but they should not be using any AVM including Zillow to make lending decisions. No AVM is a replacement for an appraisal and an appraisal is no replacement for a sale to a qualified buyer.
You may be surprised to know that before Zillow most banks already used some sort of AVM to review property value on a preliminary basis. The difference now is that the consumer can go to Zillow or other sites and see what their lender is seeing on the first pass. Hope all went well with your loan.
You may be surprised to know that before Zillow most banks already used some sort of AVM to review property value on a preliminary basis. The difference now is that the consumer can go to Zillow or other sites and see what their lender is seeing on the first pass. Hope all went well with your loan.
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
Gary,
No bank, not even yours uses a Zillow Zestimate in lieu of an appraisal when underwriting a mortgage loan. The "material damage" you experienced were the words from your poorly informed "banker."
Happy funding, Rudi
No bank, not even yours uses a Zillow Zestimate in lieu of an appraisal when underwriting a mortgage loan. The "material damage" you experienced were the words from your poorly informed "banker."
Happy funding, Rudi
MyEstimate tool: It's been 3 months since your announcement. Zillow has my home severly underestim
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