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The Z estimate is nearly $100 K higher than the appraisal I just received in connection with a refi?

Profile picture for thorleym
How is that possible?
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0Yes

January 23 2009 - Las Vegas
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Answers (3)

This is yet another example of why you should not rely on Zillow's estimate of your home's value. To avoid situations like this, please contact a local Realtor (or real estate agent for those of you in Rockville, MD) and have him or her prepare a comparative market analysis (CMA) of your home’s current market value BEFORE you endeavor refinancing your mortgage. The CMAs won't cost you anything. And, the CMA may prove helpful when the appraiser does drop by.
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January 23 2009
Profile picture for wetdawgs
The Zestimates are not appraisals.

In addition, the appraisers are being very very conservative with appraisals because they don't want refinance loans to go underwater quickly.
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January 23 2009
Profile picture for Rob Cochems
The Zestimate is just an estimate.  That is why you need a professional appraisal.
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January 23 2009
 

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