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Answers (4)
- Russ Hatfield, "RussHatfield"
- Contributions:336
Great input on the thread already -- 3 thumbs-up!
I'll just emphasize Wetdawgs suggestion to put your appraisal in the Zestimate Comment field.
Thanks for using Zillow!
Russ
Zillow Customer Support
I'll just emphasize Wetdawgs suggestion to put your appraisal in the Zestimate Comment field.
Thanks for using Zillow!
Russ
Zillow Customer Support
- wetdawgs
- Contributions:26854
Zillow is only a starting point to compare properties. Many but not all houses have the Zestimate at +/- 20% of the actual price one would get if putting it on the market. Looks like your appraised value is 21% below the Zestimate, so statistically not too bad.
Rarely do people comment when the Zestimate is too high!
Claim the home and put the appraised value in the comment section so Zillow can have more data for their constant revisions of the Zestimate model.
Rarely do people comment when the Zestimate is too high!
Claim the home and put the appraised value in the comment section so Zillow can have more data for their constant revisions of the Zestimate model.
- Eric Abrams, "Ericmabrams"
- Contributions:89
Jim,
That is a huge difference. There are two possibilities: your appraiser is wrong or Zillow is wrong.
The reason you ordered your appraisal will have quite a bit to do with the valuation your home received. Was it due to a refinance, for sale, or a loan modification? For example valuations for trusts tend to be high, valuations for short-sales also tend to be high, etc., etc.
If it was due to a loan modification, your bank will likely tell you that your home is worth less than it is. BofA uses appraisers that are not even from the area, if you can believe that (we met with them this week). The point being, there's only one way to even come close to accurately determining the valuation of your home, and that's by having a realtor examine the comparable property sales in your area.
Luckily many homes have sold near your house. $834 seems high at first glance, but $660 may be low. All homes are unique and your home may have features that give it a large edge over others in the area, in terms of its value. I'd be more than happy to send you a list of homes in the area that have sold during the last few months and to also provide you with a value of your property, that is accurate and easy to understand. I live and work quite near you, actually.
Feel free to contact me if I can be of further assistance. I'm avail. throughout the weekend, so call or e-mail anytime and I will provide you with the aforementioned data right away.
Best regards,
Eric M. Abrams
CAR #r01862927
That is a huge difference. There are two possibilities: your appraiser is wrong or Zillow is wrong.
The reason you ordered your appraisal will have quite a bit to do with the valuation your home received. Was it due to a refinance, for sale, or a loan modification? For example valuations for trusts tend to be high, valuations for short-sales also tend to be high, etc., etc.
If it was due to a loan modification, your bank will likely tell you that your home is worth less than it is. BofA uses appraisers that are not even from the area, if you can believe that (we met with them this week). The point being, there's only one way to even come close to accurately determining the valuation of your home, and that's by having a realtor examine the comparable property sales in your area.
Luckily many homes have sold near your house. $834 seems high at first glance, but $660 may be low. All homes are unique and your home may have features that give it a large edge over others in the area, in terms of its value. I'd be more than happy to send you a list of homes in the area that have sold during the last few months and to also provide you with a value of your property, that is accurate and easy to understand. I live and work quite near you, actually.
Feel free to contact me if I can be of further assistance. I'm avail. throughout the weekend, so call or e-mail anytime and I will provide you with the aforementioned data right away.
Best regards,
Eric M. Abrams
CAR #r01862927
- Pacita Dimacali
- Contributions:1254
Zillow is a resource, but shouldn't be the only resource when valuing property. Zillow's report is almost like a drive by analysis of values in the neighborhood, but doesn't factor the condition of the property, amenities, recent upgrades, etc.
As a matter of fact, if you compare Zillow's estimate with what you will find on eppraisal and Cyberhomes, you may even find a tremendous difference.
If you have hired an appraiser then you should trust that appraiser's report.
If you are trying to get your property taxes reduced, use that appraiser's repoirt.
If you are trying to get your loan modification, use that appraiser's report.
If you are trying to do a short sale, you can also submit that appraiser's report to validate the listing price.
Good luck!
As a matter of fact, if you compare Zillow's estimate with what you will find on eppraisal and Cyberhomes, you may even find a tremendous difference.
If you have hired an appraiser then you should trust that appraiser's report.
If you are trying to get your property taxes reduced, use that appraiser's repoirt.
If you are trying to get your loan modification, use that appraiser's report.
If you are trying to do a short sale, you can also submit that appraiser's report to validate the listing price.
Good luck!
Zillow eatimated our home value at 834,000. It was recently appraised for 660,000. That is a huge di
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