Profile picture for rafcaf

what does zillow foreclosure estimate mean

  • January 26 2014 - South Loop
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Answers (10)

Profile picture for wjbolton
Most of the answer given sound pretty canned, just by following up on some of the sells of foreclosures you will find that some of the Zillow prediction were spot on, some not much. There are many factors that will come into play as you negotiate the selling price The only thing I would agree on, would be is to find a reputable agent and lawyer to look out for your investment....good luck with that!
  • September 11 2014
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Profile picture for wetdawgs
Here's a link to Zillow's FAQ

You can rank the answers by their degree of accuracy!
  • January 26 2014
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Profile picture for Andrew Malak
It is another advertising genus! It is great for Zillow but not for you. It is ment to attract people to their web site. That is all.
  • January 26 2014
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I've read about Zillow posting 'pre-foreclosure' estimates on houses whose owners are just running behind on their payments.  Many of the big sites are good to get ideas for what you are interested in, but to get real data, to make good decisions, you have to talk to a local expert.  
  • January 26 2014
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Profile picture for Evelyn S. Fred

Numbers, be it Zestimate of foreclosure estimate from Zillow are usually way off reality.  What building in in the South Loop are you particularly interested in?

  • January 26 2014
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an estimate to consider and discuss with your agent..it's not worth a lot to you alone.. hire a professional !
  • January 26 2014
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In my experience they are very often much lower than the price that the lender has the new listing agent offer the home for sale!  I recently had one of my investors call to make an offer on a home where the Zillow Foreclosure estimate was 53000.  Based on that number he instructed me to offer $47000 for the property.  It went under contract in the 70,000 range.  I don't put much store in those estimates based on my experience!
  • January 26 2014
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Like the zestimate it is also a wild a$$ guess and is pretty much totally meaningless. I guess they use it as a marketing gimmick to make people search more. Those pre-foreclosures they list are, like gator said, mostly all not real or certainly not for sale.
  • January 26 2014
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Profile picture for gator70

There is an algorithm that takes a set percentage off the zestimate if the home was not a foreclosure. There is a discount in estimate for assumed condition of property. 

  • January 26 2014
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Profile picture for Matt Laricy
I am not sure on that but one thing I can tell you, is Zillow's foreclosure a are usually fake or misleading. Be careful on those. If your looking to buy get a good buyers agent.
  • January 26 2014
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