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Answers (7)
- Bob Phillips, "BobPhillipsRE"
- Contributions:772
I can understand that concept, Roberto. A streamline refi doesn't require a bonafide appraisal. The use of a Zestimate is just a bank's inexpensive method of making sure the property is "in the ballpark", so to speak.
You can bet if they were doing a purchase money loan they wouldn't give a Zestimate a second glance - instead paying for a "real" appraisal.
Good to hear from you, AZR - hope things are going well for you.
You can bet if they were doing a purchase money loan they wouldn't give a Zestimate a second glance - instead paying for a "real" appraisal.
Good to hear from you, AZR - hope things are going well for you.
Bob, I would have agreed with you, but a good friend just called his bank today, and the person on the phone told him they were using zillow to check the value for a streamlined refinance... I was fairly shocked.
- Bob Phillips, "BobPhillipsRE"
- Contributions:772
Hi Carol,
I find it EXTREMELY difficult to believe that a couple of banks use Zillow Zestimates for an "appraised" value. I think they might use Zillow for a general "guesstimate", but that they would use a bonafide appraiser for an actual appraisal.
Zillow's system isn't particularly precise - even neighboring exact same properties can have a 5-20% variance due to the idiosyncrasies of their system. Appraisers would NEVER rely on Zillow's estimates of value.
A local agent can give you a free, no obligation, estimate of your home's value - if that's what you're looking for. OR, you can pay an appraiser $300-500. for a more precise one.
I find it EXTREMELY difficult to believe that a couple of banks use Zillow Zestimates for an "appraised" value. I think they might use Zillow for a general "guesstimate", but that they would use a bonafide appraiser for an actual appraisal.
Zillow's system isn't particularly precise - even neighboring exact same properties can have a 5-20% variance due to the idiosyncrasies of their system. Appraisers would NEVER rely on Zillow's estimates of value.
A local agent can give you a free, no obligation, estimate of your home's value - if that's what you're looking for. OR, you can pay an appraiser $300-500. for a more precise one.
- homes38
- Contributions:20
I am seeing the same thing in Brea that does not apply elsewhere. for example the house at 520 PEPPERTREE AVE in Brea is estimated at 100,000 less  then the owners asking price. Two banks have told me the zillow estimate is what they use for the appraisal.  I guess once again a buyer would have to go to a lender that will give a loan appraised at what the seller  wants, kind of sounds like that was how we got into trouble with all the bad loans out there now that have negative equity.
- Tony Veltri, "Tony Veltri"
- Contributions:146
Reverse Mortgage Companies are typically under valuing homes as well as charging higher than expected interest rates - in my opinion and experience (my Father inquired just to see what they were).
I'd explore every other option if possible. Use the Reverse Mortgage as a last resort!!
I'd explore every other option if possible. Use the Reverse Mortgage as a last resort!!
- carol kawai, "carol kawai"
- Contributions:2
the house is not for sale but i was trying to get a value so i can maybe help the owner do a reverse mortgage. thank you for your respsonse
- sunnyview
- Contributions:25139
A seller can ask whatever they want for their property even if not buyer are interested at that price. As for ZiIllow, they said this morning that they update the values here about 3 times a week. Go figure why the seller wants 895K, maybe that's what they owe on it.
how often are the homes values updated? i.e. propty in Brea,CA says $895K but it values @ $550k?
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- 0.0/5.0
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