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Answers (7)
- Johneen Minaker, "JohneenM"
- Contributions:12
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.
- Johneen Minaker, "JohneenM"
- Contributions:12
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.
- Alicia Monahan, "aliciamonahan"
- Contributions:42
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.
- sunnyview
- Contributions:25115
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- Randolph Leslie Smith, "RandolphLSmith"
- Contributions:156
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.
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.
- Fran Rabara, "hotazchili"
- Contributions:5
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
Fran
- Johnny James, "Palmdale Mortgage"
- Contributions:406
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.
Why is the zillow estimate so much lower than my tax assessment?
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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