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Profile picture for lwesolik

Recently refinanced The new appraisal came in much $20,000+, below Zillow and much below originally?

  • September 25 2010 - Avon
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Answers (7)

Profile picture for Dan Malloy
The appraisers are working under different conditions as a result of the foreclosures.  They are in danger of losing their license in certain instances, so they are far more conservative than they used to be.

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  • March 02 2011
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Profile picture for Chris Corica
The zillow home values have ZERO credibility and shouldn't be used for anything other then entertainment.
  • March 02 2011
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Are they more conservative or more accurate?  I am leaning towards more accurate.
  • March 02 2011
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Profile picture for Mike Shirley
I'm with Andrew.  Zillow is great for putting you in the ballpark but appraisers have critical information about condions on the ground and they really need to back up thier conclusions.  Usually an exprienced loan officer will do some due dilligence to confirm that there is reason to expect that your home has the neccessary value to complete the loan.  It's impossible to know for sure what the value will be but quality professionals usually can get pretty close.
  • March 02 2011
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Profile picture for Blue Nile
Yes, appraisers are more accurate than they were during the bubble years, and prices (values) are still dropping fast, and an appraiser should be trying to protect a lender's interest by anticipating the market instead of just using the values at the time of the appraisal.

But $20k is well within Zillow's stated tolerance range, which has to be high just as often it is low for the numbers to align with the curve fit of what recently sells.

So, the stated appraised value is what anyone here would have predicted even without the appraisal.

Yes, it does make it hard for some to qualify, and requires some to pay mortgage insurance when they didn't think they would have to; but that is the "market" for you.
  • March 02 2011
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Zillow Is not an appraiser service.
  • March 02 2011
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Pretty typical these days of declining values....
  • March 02 2011
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