Zillow Advice: Buying Process - My appraisal just came in 30% lower than the zestimate. As a result I'm about to lose everything. http://www.zillow.com/advice-thread/My-appraisal-just-came-in-30-lower-than-the-zestimate-As-a-result-I%27m-about-to-lose-everything/422464/ Zillow Advice | Zillow Real Estate "Just because the appraiser ... http://www.zillow.com/advice-thread/My-appraisal-just-came-in-30-lower-than-the-zestimate-As-a-result-I%27m-about-to-lose-everything/422464/ "Just because the <a href="http://www.zillow.com/directory/real-estate-services-appraisal/">appraiser</a> says its not worth 95k doesnt mean that its worth 95k. &nbsp;Appraisals are off quite often."<br/><br/>Maybe, but your opinion as an agent and the owners opinion as the seller does not mean much. The bank is going to by the the appraisal for the <a href="http://www.zillow.com/mortgage-rates/">mortgage</a> and for any refi down the line.<br/><br/> Most appraisals are not "off" by 25% so a buyer better think carefully before they buy for that much over the appraisal. Not just buy and hope the market gets better. Fri, 11 Nov 2011 16:52:00 GMT http://www.zillow.com/advice-thread/My-appraisal-just-came-in-30-lower-than-the-zestimate-As-a-result-I%27m-about-to-lose-everything/422464/ 2011-11-11T16:52:00Z that one that counts is your ... http://www.zillow.com/advice-thread/My-appraisal-just-came-in-30-lower-than-the-zestimate-As-a-result-I%27m-about-to-lose-everything/422464/ that one that counts is your approval amt and appraised value. Ask your <a href="http://www.zillow.com/directory/real-estate-agents/">realtor</a> to run comps for you and quit worry about guesstimates..... Fri, 11 Nov 2011 16:05:00 GMT http://www.zillow.com/advice-thread/My-appraisal-just-came-in-30-lower-than-the-zestimate-As-a-result-I%27m-about-to-lose-everything/422464/ 2011-11-11T16:05:00Z there is a home i am looking ... http://www.zillow.com/advice-thread/My-appraisal-just-came-in-30-lower-than-the-zestimate-As-a-result-I%27m-about-to-lose-everything/422464/ <p class="MsoNormal">there is a home i am looking at for sale at $400k it is valued as follows</p><p class="MsoNormal">&nbsp;</p><p class="MsoNormal">Zillow $389.674 $533.800 $731,306</p><p class="MsoNormal">Eppraisal $296,435 $348.748 $401.060</p><p class="MsoNormal">As you can see Zillow is a joke nearly $200k over its worth and every day it loses more and more credibility. I use eppraisal now as Zillow has become a shill for RE</p> Fri, 11 Nov 2011 15:53:00 GMT http://www.zillow.com/advice-thread/My-appraisal-just-came-in-30-lower-than-the-zestimate-As-a-result-I%27m-about-to-lose-everything/422464/ 2011-11-11T15:53:00Z The zestimate is not always ... http://www.zillow.com/advice-thread/My-appraisal-just-came-in-30-lower-than-the-zestimate-As-a-result-I%27m-about-to-lose-everything/422464/ The zestimate is not always off by any exact number or they would just change it to make it more accurate. &nbsp;The zestimate suffers from the same flaws as any CMA or appriser local comps (comparable sales) the difference is an <a href="http://www.zillow.com/directory/real-estate-services-appraisal/">appraiser</a> can look at the comps and say this one is not a good match and this one is more similar so I will add this one where the computer has no way of doing that. &nbsp;But be assured appraisals make mistakes as well if your <a href="http://www.zillow.com/directory/real-estate-agents/">Realtor</a> feels the value is a fair one they should be able to provide comps to the appraiser to justify the value. &nbsp;Bank <a href="http://www.zillow.com/directory/real-estate-services-appraisal/">appraisers</a> or overly conservative right now, as they should always be, so we do not get huge jumps in value is short periods of time. Fri, 11 Nov 2011 15:26:00 GMT http://www.zillow.com/advice-thread/My-appraisal-just-came-in-30-lower-than-the-zestimate-As-a-result-I%27m-about-to-lose-everything/422464/ 2011-11-11T15:26:00Z It is not true that you should ... http://www.zillow.com/advice-thread/My-appraisal-just-came-in-30-lower-than-the-zestimate-As-a-result-I%27m-about-to-lose-everything/422464/ It is not true that you should knock 30% off. I bought house in 2009 for 220k Just did my refi&nbsp;appraisal was for&nbsp;&nbsp;270k Zestimate is 230k.<br/>So i guess I should say that add10-25% to estimate to get real value.<br/>But I do not live in some kind of shitty place(no short sale or&nbsp;foreclosure) Fri, 11 Nov 2011 15:08:00 GMT http://www.zillow.com/advice-thread/My-appraisal-just-came-in-30-lower-than-the-zestimate-As-a-result-I%27m-about-to-lose-everything/422464/ 2011-11-11T15:08:00Z Appraiser are not always ... http://www.zillow.com/advice-thread/My-appraisal-just-came-in-30-lower-than-the-zestimate-As-a-result-I%27m-about-to-lose-everything/422464/ <p>Appraiser are not always correct. Double check the most recent sales in your condominum which you should find in the public record. <a href="http://www.zillow.com/homes/for_sale/fore_lt/">Bank foreclosure</a> should not be factored in on an appraisal.You can always request a second appraisal if you find sales that are higher than your recent appraisal.&nbsp;I often find Zillow on the low side on value. Remember zillow does not see the interior of a home and any improvement that may be made. If you are upside down on your <a href="http://www.zillow.com/mortgage-rates/">mortgage</a> than consider a bank short sale.</p> Fri, 11 Nov 2011 14:42:00 GMT http://www.zillow.com/advice-thread/My-appraisal-just-came-in-30-lower-than-the-zestimate-As-a-result-I%27m-about-to-lose-everything/422464/ 2011-11-11T14:42:00Z Just because the appraiser ... http://www.zillow.com/advice-thread/My-appraisal-just-came-in-30-lower-than-the-zestimate-As-a-result-I%27m-about-to-lose-everything/422464/ Just because the <a href="http://www.zillow.com/directory/real-estate-services-appraisal/">appraiser</a> says its not worth 95k doesnt mean that its worth 95k. &nbsp;Appraisals are off quite often.<br/><br/>Think about it. &nbsp;Your buyer probably searched very hard before coming to your place to buy it. &nbsp;Unless they fell off the turnip truck they know the market (most likely better than homesellers and <a href="http://www.zillow.com/directory/real-estate-services-appraisal/">appraisers</a>, because the scour the internet daily until they find a home). &nbsp;See if they will go to another bank andd get another appraiser.<br/>Good Luck Fri, 11 Nov 2011 12:55:00 GMT http://www.zillow.com/advice-thread/My-appraisal-just-came-in-30-lower-than-the-zestimate-As-a-result-I%27m-about-to-lose-everything/422464/ 2011-11-11T12:55:00Z "If the buyer wants the property ... http://www.zillow.com/advice-thread/My-appraisal-just-came-in-30-lower-than-the-zestimate-As-a-result-I%27m-about-to-lose-everything/422464/ "If the buyer wants the property &amp; can come up with more money down there should not be a problem as the market is rising slowly &amp; it still will be a great long term investment. "<br/><br/>Of course a buyer can come up with more money down, but I have to disagree that putting 25K more into a house than it appraises for is a good long term investment. That would mean that the day the buyer closes they are already a minimum of 20% underwater. Swimming and waiting for the market to come back up is not a good place to start being a homeowner. Fri, 11 Nov 2011 11:28:00 GMT http://www.zillow.com/advice-thread/My-appraisal-just-came-in-30-lower-than-the-zestimate-As-a-result-I%27m-about-to-lose-everything/422464/ 2011-11-11T11:28:00Z I don't know all the details ... http://www.zillow.com/advice-thread/My-appraisal-just-came-in-30-lower-than-the-zestimate-As-a-result-I%27m-about-to-lose-everything/422464/ I don't know all the details however,<br/><br/>With all due respect, how long was it from the time you saw the Zestimate(only an estimate at that time)&nbsp;&amp; the actual appraisal.&nbsp; It changes day to day as a bank only likes to look back&nbsp;technically every&nbsp;30, 60, and 90 days.&nbsp; An appraisal is much more detailed than an estimate/Zestimate.&nbsp;<br/><br/>Did you use a realtor?<br/><br/>If the buyer wants the property &amp; can come up with more money down there should not be a problem as the market is rising slowly &amp; it still will be a great long term investment.&nbsp; The bank is only able to view it "at this time".<br/>I wish you all the best. Fri, 11 Nov 2011 11:21:00 GMT http://www.zillow.com/advice-thread/My-appraisal-just-came-in-30-lower-than-the-zestimate-As-a-result-I%27m-about-to-lose-everything/422464/ 2011-11-11T11:21:00Z I'm not sure exactly what ... http://www.zillow.com/advice-thread/My-appraisal-just-came-in-30-lower-than-the-zestimate-As-a-result-I%27m-about-to-lose-everything/422464/ I'm not sure exactly what your situation is but I am curious if you had a <a href="http://www.zillow.com/directory/real-estate-agents/">real estate agent</a> help you sell your condo.&nbsp; An agent most likely would have given you a CMA to help you asess the value of your home the way an <a href="http://www.zillow.com/directory/real-estate-services-appraisal/">appraiser</a> would.&nbsp; If you were just depending on the accuracy of a Zestimate, you found out the hard way that it was a critical mistake. I understand that people like to save money by trying to sell homes by themselves but this is a good example of why hiring a professional is critical. Especially when you are dealing with large amounts of money. Fri, 11 Nov 2011 05:34:00 GMT http://www.zillow.com/advice-thread/My-appraisal-just-came-in-30-lower-than-the-zestimate-As-a-result-I%27m-about-to-lose-everything/422464/ 2011-11-11T05:34:00Z