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Why is the zillow estimate so much lower than my tax assessment?

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mbsherrod

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This has prevented me from refinancing, since Wells Fargo used zillow to set value.
My address is 3208 Old Brookewood Ct
Richmond, VA 23233
The house next door has rotting windows and siding and a smaller yard yet is valued higher than mine.  Also, how do I know when you have posted an answer?
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July 03 - Richmond
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Johneen Minaker, "JohneenM"

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I have never heard of lenders using Zillow or other similar sites. Usually they use appraisers or other real estate agents who do a Brokers Pricing Opinion for them. Try refinancing with another lender.
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July 13
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Johneen Minaker, "JohneenM"

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I have never heard of a lender using Zillow or anoth site like it for a value. Generally they get appraisers or realtore who do BPO's (brokers pricing opinion). Try another lender.
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July 13
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Alicia Monahan, "aliciamonahan"

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If they did in fact use Zillow as a source to set value then maybe you should consider refinancing with another bank/lender. If you contact a local Realtor they may be able to refer you to a great lender and/or send you a market analysis on your property.
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July 13
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sunnyview

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If you want the answers to a thread emailed to you, just check the box under your question that says "email me when other answers are added." It helps you keep track of replies even if the thread drops off the front page.
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July 04
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Randolph L. Smith, "RandolphLSmith"

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Zillow compares properties using limited criteria.

So, your house might have the same bedrooms, baths, square footage as Johnnys house next door, but you built your house with gold bricks,  while Johnny used mud bricks.

Because Zillow uses limited criteria, they will show each of these two propertys to be worth, for example $300,000.. In reality, the mud house is worth more like $50K and the gold house, lets just say $5Mil. However, the "majority" of homes fitting the same basic limited criteria average $300K. Thus, Zillow says your gold house is worth $300K

I hope this overblown example helps you understand what is going on with Zillow. With the oblivious children working in banks today, it's no wonder Zillow might be used as a valid source of information.

You need professional representation. Interview local Realtors.
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July 03
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Fran Rabara, "hotazchili"

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Here in Arizona I have never heard of a lender using Zillow.  They hire an appraiser and chage you the cost as part of your closing costs.  Zillow is a Zestimate only and is typically lower than the actual comparables.

Fran
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July 03
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Johnny James, "Palmdale Mortgage"

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I doubt any lender is going to use zillow to determine the value of your property. An appraisal or a broker price opinion yes, but a zillow estimate is not going to do it.
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July 03
 

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