Profile picture for CSparks

bank owned sales in Zestimate's in Arizona ?

Have REO / bank Owner foreclouser sales been removed from the Zestimate's in Arizona ???  
  • April 07 2009 - Central City
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Answers (8)

Best Answer

Foreclosure sales are not currently included in our zestimate models because, in a normal market, they are not market prices. But you're right, they are the majority of sales in some areas and we are investigating whether or not we should be using them in our models. 
  • April 10 2009
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Profile picture for edtilton
Yes but Zillow does not give the street number and the only listed agent is Forclosure.com. So the only way to get information is to join. Then you find out the house was sold. These Forclosure sites are ruining Zillow as a search engine
  • July 05 2009
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Profile picture for sunnyview
I think you may be talking about "joining" foreclosure.com not Zillow. Zillow is completely free to sign up for, but for foreclosure.com is not and you have to pay a fee. They are separate companies.
  • July 04 2009
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Profile picture for edtilton
If the majority of sales are forclosures then that is the norm. You are using your prejudices to influence estimates.
What bothers me is trying to contact the Real Estate and being hooked into "joining" their site, only to find out that the property was already sold. That crap is ruining Zillow as a search engine.
  • July 04 2009
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drew:

You may be getting some of the anyways. Roughly 10% of listings on the local mls which are not marked as bank owned actually are. (agents seem to find doing this properly as too hard) Usually, somewhere in the description is says bank owned, despite that listing criteria not being checked.

and shockingly, at any given time nearly 100 homes are marked as BOTH short sale AND bank owned, which of course is impossible.
  • April 13 2009
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Profile picture for CSparks
I was asking due to shopping very active for home purchase  and mainly looking at REO or pre-F/C prop .. and beingh they seem to be most of the sales now .. it 'seems' to me they should be included .. else the result is very badly skewed ...   at least from a buyer view .. and if correct .. the current method would really mess up the sellers view point and delay sales and cost the seller money in the long run ..
  • April 13 2009
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Profile picture for VegasResident
Nope. Reason being that they represent the majority of sales in AZ, CA, NV etc and thus are the comparables....unfortunately for occupied owner sales.
  • April 10 2009
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I don't think so CSparks, what makes you ask?

:) PS

  • April 09 2009
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