Profile picture for bellasouth

Why do you have our home zestimate too low below the figure that it should be?

The home next door has a higher zestimate and it is less square footage. Please correct you calculation on our home as I feel that it is totally incorrect. I I am trying to obtain a refi and would appreciate a quick solution to this problem.
Thank you
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September 30 2010 - Renton
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Answers (7)

Sometimes the lenders DO look at Zillow so they know if they are wasting their time or not.  These people have a legit gripe!

My suggestion is to make sure your information on your tax records are correct.  If they are not, that could make the difference.  I have found that much of the time, taxes are incorrrect. 

When doing short sales, lenders almost always look at Zillow.  Loan Mods are the same way.

If you cannot find your tax records, email me your address and I will send them to you.  It only takes me a few minutes.
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July 06 2011
Profile picture for QueenofKingSt
I can tell you from personal experience with my own home that multiple lenders I've spoken with about a re-finance immediately look at Zillow while they are on the phone with me. I'm in the same position as the original poster and Zillow's really low zestimate has caused these lenders to basically shut the door in my face.
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May 16 2011
Bellasouth,
Don't be concerned with your zestimate. It is a number generated by an algoritham that is probably a mile long. Most zestimates in King county, as reported by zillow.com, are off by 8.7%. You are more than likely paying for an appraisal, make sure it is done by a licensed appraiser using the standard practices for the industry.
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October 01 2010
I've heard from lenders that sometimes they will pop into a site like zillow for a ballpark estimate just to see if your within the realm, but they NEVER rely on it for their appraisal, so it shouldn't affect your refinance at all.

Good luck~
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September 30 2010

The zestimate should not affect your refi efforts. The lender will do their own appraisal - not rely on a website's guess as to value.

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September 30 2010
Profile picture for wetdawgs
Zestimates are numbers generated by a computer driven statistical model from the publicly available facts on your home.   Sometimes they don't make total sense.  Perhaps your neighbor's value is too high.  (One of your neighbor's has much higher square footage listed, and considerably higher Zestimate, other wise yours is right in line with the rest of the neighborhood).

Zestimates may be affected if there are material facts reported incorrectly with your home (claim it and update the facts).   Also, check the comps.  The choice of comps can have a dramatic effect.  (These changes may be reflected in several weeks - perhaps six to eight. 
You can also claim the home and published the "owner's estimate" to reflect upgrades you or the previous owner installed in the home.

Zillow doesn't just adjust the number because the neighbor's number is higher.

Banks/lenders are not supposed to be using the Zestimate as part of their lending process. 
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September 30 2010
Bellasouth, check the details on accuracy of the Zestimate.

For re-fi, the appraisers will look at the public records, as well as they will visit the property - in many cases.
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September 30 2010
 
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