Profile picture for verdaguertere

Zillow is overestimating the value of my home, therefore making it impossible to get a home loan mod

  • October 21 2009 - Fountainbleau
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Answers (7)

Profile picture for sunnyview
Banks should not be using Zillow to appraise houses. Any banks taht are doing this are breaking Zillow's own use policy. In the past, Zillow has actually contacted banks directly to tell them to stop using the Zillow Zestimate for loan purposes. 

The banks are doing the wrong thing and if you have an appraisal I would make sure that the bank understands that that is the value that they must accept. Zillow is clear about saying they are not an appraisal and banks are just using it as an excuse because they don't want to restructure certain loan. I think that is wrong.
  • October 27 2009
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Profile picture for pleeal
ok...I just had the sam sort of question...I just had an official appraisal done!  zillow has my house at $506,000 my appraisal is $340,000 so there!!! WaMu! now Chase! They use zillow...market manipulators! so If you really want your house and want to push for a principal reduction consider it.  My home appraised at $1,125,000 in Jan 2007!!!!!  Lovely that's when zillow.com said my house sold for $475,000!?!?! what is that all about?  That is it's 2002 price!  The real joke...the $340k price is lower than it's sales price in 1986!!!! See how this administration is trapping us???  submission...we must fight right back at them!!!!  Get an appraisal and argue! PS ---I am looking for a zillow contact number???  anybody have one?  I am going to tell them about this incident... please email me asap pleeal@aol.com
Thanks!!!  Good Luck!  Let's pray that we can save our homes and that we are no longer their prey!!!
  • October 27 2009
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Profile picture for Mark LeMenager
You jest, right?  Zillow has nothing to do with the value a legitimate bank puts on a property.  If your bank is giving you that story, then they are telling porky pies.
  • October 25 2009
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Just because you have equity doesn't automatically disqualify you for a loan modfication.  Sounds like you need professional help.  Our Attorneys Firms will look at your situation for free to see if they can prequalify you, again at no cost.  The Attorneys have alternatives besides zillow to address value of your home with a bank.  It sounds like you are trying to do the loan mod yourself and are being pushed around by your bank and they aren't helping you.
  • October 24 2009
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Profile picture for real estate mike
If your lender told you that, it's just an excuse. The zestimate is not market value. An appraisal or comps from a realtor will provide the facts you need. best of luck
  • October 21 2009
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Profile picture for Kimmee
I don't understand why your bank would be using Zillow since it does have a margin of error. A local Realtor will give you a CMA with up to date stats.
  • October 21 2009
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Profile picture for sunnyview
Your bank should not be using Zillow to estimate your home's value for a loan modification. It is not an appraisal and they know that. You might try contacting a local agent in your area for a a CMA to see if you have good comps to substantiate a lower appraisal. I think the bank is being cheap and they do not want to pay for a true appraisal. You can offer to pay for one to get the loan mod through, but I would contact an agent first to make sure that you have the fresh comps you need to back up your position
  • October 21 2009
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