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ChandaB's Advice

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  • 181 Contributions
  • 3 Best Answers
  • 10 Helpful

ChandaB wrote:

How can a neighborhood adjust the appraised value of a listing?

Answer
Zillow Zestimates should not be used for the end all be all valuation of a property, they can literally be off by tens of thousands of dollars. For example, they valued a property at $185K which on it's best day was worth about 55K.  Yes we're talking more than 100K off....The best way to value a property is through an appraisal.  The other method is via a licensed agent researching the comparable properties in the area. They will take into consideration the condition and features of your property compared to others in the area.
January 20 2012
(0)

How can I get an idea as to the current value of my home?

Answer
If you attempt a refinance, they will perform an appraisal of sorts anyway.  If you want to know before requesting a refinance, you can either have a professional perform an appraisal on your home (most accurate if the appraiser knows the area) or ask an agent to run comps (comparables) for your property which will give you an estimate of what your house would likely list/sell for based on other recent sales in your neighborhood.
December 30 2011
(0)

Scam

Response
Huh?  You are trying to post a scam posing as Zillow?  Are you asking a question or making a statement?  Sorry, but not quite sure what you are trying to say here...
November 16 2011
(0)

i have posted a rental with your company but the map location is incorrect. How do I change the map

Answer
I believe you are referring to the fact that you posted a rental on Zillow.  If that's the case, I don't know that you can actually change the location that Zillow shows on the map even if it is incorrect.  
November 16 2011
(0)

I would like to update info reguarding my home on your sight. I do not have or want a facebook accou

Answer
Sharon, you can claim your home and add features and pictures if you wish which will change the value a bit, but zestimates tend to be off for various reasons.  If you want an accurate idea as to what your home is worth you need to have a professional appraisal performed or a real estate agent perform a comparative market analysis...
August 31 2011
(0)

Pre-Approval Process

Best Answer
Hi Mary,If you aren't buying until June, you may want to wait until March or April of 2012 to get pre-approved.  If you are pre-approved this year, the lender will still have to run your credit, etc. when you are closer to the purchase process.  Depending on the type of property you plan to purchase (distressed vs. regular resale), you may have to present a pre-approval or qualification letter which is typically only good for 60 days...At that time, the lenders will typically run your credit again to make sure you would still qualify...As far as down payment goes...It depends...You can put as much as you want down, but minimums as of today are typically: 3.5% FHA, 5-10% for Insured Conventional, and 20% for conventional.  There is also a program recently introduced here in Indiana that will give the buyer 4% that can be used for the down payment and closing costs for the purchase of a home.  Feel free to contact me if you'd like me to send you the link to the info...Hope this makes sense.
August 29 2011
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need to find out how many police runs to my home.

Answer
http://imaps.indygov.org/publicsafetymaps/
August 13 2011
(0)

how much do bathrooms add to home value in zip code 46217

Answer
That's a difficult question to answer...There are multiple factors that would indicate how much value would be added for an additional full or half bath on a property...If it's poorly done, it can detract value from the property...Hope this makes sense...
July 25 2011
(0)

The values in my neighborhood are fluctuating wildly in different directions

Answer
Z-estimates should not be taken as the end-all be-all.  For example, they valued the house my mother stays in at ooooooh about $100K more than it's worth (i.e. they valued it at $178K, when it is worth no more than mid seventies).  In the end, it's the appraiser's valuation that will determine how much your property is worth (and the buyer if they come with all cash), especially if the buyer is obtaining a loan to purchase your property...If it appraises at less than you are trying to sell it for, then it's up to the buyer to bring the cash difference to the table if they want the house badly enough or a reduction in price to align it with the property's appraised value.
June 30 2011
(1)

How is it possible the Zestimates from a year ago are now lower on new graphs?

Answer
Here is something Zillow just announced: http://www.zillow.com/advice-thread/Zillow-Announces-Zestimate-Improvements/403036/Hope this helps...
June 23 2011
(0)