Profile picture for mack104

are zillo pricing current values?

also if the bank own the property would it still be listed as sold by the previous owners?
  • December 15 2008 - East Central
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Answers (2)

Profile picture for natewolf

That's a tricky question. According to Zillow, the answer is yes.

But only a Buyer and Seller can determine the current value. An appaiser or local Realtor can do a more in-depth Comparative Market Analysis (CMA). Zillow's value is an approximation base on proximity of other sales, but does not take into account other conditions beyond price and square footage-- which is often disputed to be inaccuate.

My personal home was severely undervalued by the Zillow method and I had to manually request it be changed.

  • December 17 2008
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Zillo's price or determination of value on a particular property is only an estimate based on up-to-date public records. Their values are also affected by how much data their system can obtain from public records. For example, a home that has recently sold is going to have a better "actual zillow value" versus a home that last sold 10 years ago. the home that sold 10 years ago may be according to Zillow worth less only because Zillow does not have currently selling information on its value according to public records. Futher, the public records for this particular home will show the selling value as of 10 years ago and will base it's estimate off of that outdated selling price. A real estate agent or appraiser can pysically inspect a home and take into account special features, location, and local market conditions, Zillow does not. Variations in price also occur because of negotitating factors, closing costs, and timing of closing. Anyone that is considering selling or purchasing a home should contact their local real estate agent and have them conduct a Comparative Market Analysis.

regarding your second question: if i understand what you're asking, homes that are foreclosed on will show a change of ownership in the sale history just like a regular sale. A properties sales history will show that it transferred from one owner to another. If Mr. smith is foreclosed on the slaes history for his home will show when he purchased the home and from who. It will also show who the seller of the home is after Mr. Smith's ownership and who purchases the home then. It will not show that Mr. Smith sold the home to the bank/lien holder. Instead the next owner shown after Mr. Smith is usually a trustee as they actually forclose on the property for the lien holder. The lien holder is then shown as the buyer and at this point in the sales history the lien holder is the current owner of the home, i.e. a bnak owned home.

I hope this helps!
  • December 15 2008
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