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>>>and try to buy at 20% below market value. The fact is if you pay market value you will have lost money the moment you get the keys.<<<jkonstant,
Many REO properties sell ABOVE the listed price - especially homes in a good condition and location.Good luck writing those 20% below market value offers....... it depends on the property.
>>>Thought zestimates can be pretty close, always get second opinion of REAL person who familiar with your area.<<<Lilia,Zestimates are more often wrong than correct - there is no human person involved in the process, thus by default zestimates cannot be correct. Every home is unique and it needs to be priced individually.
You meant to say: zestimates occassionally happen to be close to the true fair market value. Zestimates should not be used as a first or second opinion. Be sure to contact an experienced real estate professional in your area - if you wish to have a second opinion, contact another experienced real estate professionals in your area. Zestimate is NO substitute for an appraisal or a CMA - often it can be very misleading and it can do more damage than good. Homes differ as to value even in the same vicinity: built the same year by the same builder.
However, Zillow deserves a medal for this discussion forum, which provides invaluable advice for free.
>>>If you offer 239K, and the official appraisal comes in at 219K<<<The appraiser should NOT go by the zestimate - if he/she does, they should NOT work as appraisers. Likewise, realtors do not price homes according to zestimate.The point is it does NOT matter what the zestimate shows as "value." If the zestimate showed $149K, it would not matter, and if zestimate showed $425K, it aso would not matter.
The market value of the home is established by the market.
HI chefatty, great question, and you have gotten some good replies. Home values can vary greatly, even when the values come from good appraisers. Ten percent variance is not unheard of between appraisals, especially in this market. Although I did not know that Zillow has a 20% variance (which sounds awfully high to me), even professionally generated appraisals are "opinions" of value based on a myriad of information, and in this market, the key variables are square footage and recent comparable sales. Remember, Zillow values may or may not be accurate, and are cetainly not "official". An up to date CMA may be a better indicator, and certainly, a professional appraisal is best, and the only valuation method accepted by the lenders.
If you offer 239K, and the official appraisal comes in at 219K, the seller has the option of lowering the sales price, letting you out of the contract, or you may bring the difference to the closing table. Obviously, in this market, it makes little sense to overpay for a home. I hope these comments help, Jim
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