I agree that the Zestimate is of no major practical use, but if you want to give me your address, I can see if I can figure out why it doesn't show up.Andy
I agree with Philip to a great extent, but let's face it, every property has it's price. If you are considering this as your home for an extended length of time and not trying to sell within the next several years, AND if the price is extremely favorable, you might consider a coop if you can finance it or pay cash. When buying a coop, you are not buying Real property. I'd advise that you find a Realtor that is extremely familiar with the area and take their input as far as pricing and then go lower yet! I'd also locate a good attorney to represent you, and I'd find them now, so you can ask these important questions of your own council, not just over the internet. You should also consult your accountant to gain advise because the interest and taxes may not be deductable in the same manner.IMO, If you are a normal buyer looking for a home for next next few years, and there are other options at similar prices, do not go with the coop!If you need assistance in referrals, please feel free to contact me.Good Luck in your decisions!
It is my understanding that Zillow continues to update information as it comes in from the Tax records. If there are specific errors in the property detail (number of bedrooms, etc) and you are the owner and you have not listed the property for sale by a Realtor, you can update those by choosing Edit and then editing the ddetails. There are other options there too including the fact that you can put your own estimate of value there. Generally speaking it is a good indication when your Zestimate is low because it means your tax assessment is probably low too! Nobody should use Zestimates as an appraisal of value. They are a 'fun' relative scale that prospective buyers should not take seriously.
That is fine, but there is already a case number 214000 for this. I will let you know when it is completed.Andy
I'll send it in to my contact and follow-upThanks,Andy
I don't believe it is mandatory, although it is highly recommended. Real Estate attorneys are not terribly expensive and they will assure that the title to the property is clean and that you don't inherit unknown liabilities with the property, and that the fees paid are truely required. Well worth a few hundred dollar fee (or less)! The attorney will also protect your rights should something crop up, like a bad inspection, damage to property prior to closing, delays to closing (avoiding penalties), title issues, surveys, escrows/tax prorations, etc, etc, etc. I'm assuming you are paying cash, because if you have a mortgage your legal exposure is exponetially compounded and you would be foolish not to have an attorney review it. It's amazing how many things crop up in a real estate transaction (every one of them), and I'm sure you will appreciate the security of a professional to handle this important legal commitment.
Could you provide an example? I see Zestimates when I enter a naperville address into the search tool. Perhaps it is a specific address or area? Zillow gets data from the tax records (to a great extent) in order to come up with a Zestimate. If your assessor doesn't feed the info, perhaps Zillow has a hard time coming up with a Zestimate. Please provide an example and I'll check into it.You might also read the Zillow disclaimer. The Zestimate is really only a comparative tool, not an appraisal.
It is fixed now! Let me know if I can do anything else for you!Andy Linss - Re/Max Professionals Select - Naperville
I see the entire parcel is not identified on Zillow mapping (if you zoom in). Funny that it works for 1525 Pine Lake (which doesn't exist!) I'll forward on to my contact at Zillow mapping. Beautiful White Eagle location by the way!Regards.
I understand your frustration! My own house is also undervalued by 33%.While it is true that the zestimate cannot be removed, there is a comments area where you can (as owner) explain why you don't agree with it and give your own estimate. As a Realtor, I also have an ability to 'Edit the listing' for my listings, in which I can update facts that may not be correct. I'm not sure if that is available to the owner of the property, but it probably is. I have done this in the past, and Zillow eventually updates the Zestimate, but it is not quick, nor does it necessarily bring the Zestimate in line with what you think it might be. The Zillow algorithm is closely guarded.People have to understand that these Zestimates are not accurate and are only useful to give an idea of value relative to other homes. Zillow discloses that on the page. If you have a unique home that has not sold recently, it is likely to be off. I had a home zestimated at $760,000 that sold for $1.3Million! Now, three years after that sold, the Zestimate is still $785,000.Good Luck, Andy LinssRe/Max Professionals[contact info removed by moderator]