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Replies (7)
- Dan Malloy, "Dan Malloy"
- Contributions:286
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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- Chris Corica, "Chris Corica"
- Contributions:1075
The zillow home values have ZERO credibility and shouldn't be used for anything other then entertainment.
- Andrew Adams, "203K Specialist"
- Contributions:9349
Are they more conservative or more accurate? I am leaning towards more accurate.
- Mike Shirley
- Contributions:30
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.
- Pasadenan
- Contributions:21466
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.
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.
- Michael Achillas, "Michael Achillas"
- Contributions:77
Zillow Is not an appraiser service.
- Vince Curtis, "SoCal Appraiser"
- Contributions:4699
Pretty typical these days of declining values....
Recently refinanced The new appraisal came in much $20,000+, below Zillow and much below originally?
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