Zillow Advice RSS: Question-Discussion-Guide,Buying a Foreclosure,Gloucester- MA http://www.zillow.com/advice/Gloucester-MA/home-buying-buying-a-foreclosure/question-discussion-guide/ Zillow Advice search results | Zillow Real Estate buy home http://www.zillow.com/advice-thread/buy-home/484530/ I want to buy a home in Gloucester for 100,000-200,000 2bedroom 1 bath but one of the bedrooms has to be on first floor.<br \><br \>3 replies Sun, 24 Mar 2013 21:10:00 GMT http://www.zillow.com/advice-thread/buy-home/484530/ 2013-03-24T21:10:00Z Faulty Real Estate Pricing http://www.zillow.com/advice-thread/Faulty-Real-Estate-Pricing/234372/ I've talked to many <a href="http://www.zillow.com/directory/real-estate-agents/">real estate brokers</a> in Mass&nbsp;who are managing large numbers of bank owned properties and they say that banks will not accept the true value of the homes.&nbsp; I looked at a house that was listed for 289k total rehab.&nbsp; A week earlier a similar property with the exception that it had been rehabbed from top to bottom sold for 300k, In regards to the total rehab property the broker said they told the bank it was worth 120K tops.&nbsp; The bank said they would not entertain prices under 280k.&nbsp; So now you have banks who not only got bailed out but also are selling what they have on the auction block for over inflated prices.&nbsp; It seems like double dipping to me.&nbsp; I have heard similar stories from other RE Agencies and from people whose homes have gone to <a href="http://www.zillow.com/homes/for_sale/fore_lt/">foreclosure</a> that the banks do not want to take what the property is actually worth but want to fluff up the price against a failing market.&nbsp;&nbsp; Seems to me that the citizens of this country&nbsp;are getting&nbsp;worked over twice. Interested in anyones take on this.<br \><br \>6 replies Wed, 13 May 2009 13:55:00 GMT http://www.zillow.com/advice-thread/Faulty-Real-Estate-Pricing/234372/ 2009-05-13T13:55:00Z Property Values http://www.zillow.com/advice-thread/Property-Values/234368/ I think the Zillow values are off.&nbsp; I'll tell you why...&nbsp; First of all the values assigned to properties are stangely enough very similar to the assessment&nbsp;values fo these properties.&nbsp; The properties I'm looking at are in Massachusetts.&nbsp; In Mass assessments are done 2 years out.&nbsp; Which means if they do an assessment on a property for 2008, it is really based on municipal wide comp values taken from data collected in 2006.&nbsp; Two years ago the market was much higher than it is now.&nbsp; So in order to get to an accurate value you would have to take the assessment value (which is how all of these <a href="http://www.zillow.com/directory/real-estate-agents/">real estate agents</a> are getting their price points) and deduct anywhere from 60-80k for each year.&nbsp;&nbsp; The reason I believe this is because I've been looking at property which sold in 90 days or less and then comparing the sale price to the assessment prices and it falls within 60-80k for each year.&nbsp; It's a rule of thumb that if a property doesn't sell in 90 days or less it's overpriced.&nbsp; I used to sell RE.&nbsp; It seems a lot of <a href="http://www.zillow.com/directory/real-estate-agents/">realtors</a> want to brush this off but the proof is in the pudding and if you pay attention what properties are selling for in my state is averaging about 30% less than the listing price.&nbsp;<br \><br \>2 replies Wed, 13 May 2009 13:49:00 GMT http://www.zillow.com/advice-thread/Property-Values/234368/ 2009-05-13T13:49:00Z