Zillow gets it's info from county records which when current are incomplete at best. A Realtor has access to many sources for information. Each agent has his/her favorites, plus the "standards." This is why Zillow recommends employing a Realtor and creates this wonderful venue for us to interact with the public.Since Realtors are reseaching homes day in and day out, they are just a little better at it, thats all.Good Luck
Under HAMP, it goes up to the prevailing lowest rate at the time you got the modification. If the current market rate is 4 7/8%, than in 5 years, that is your rate, even if the prevailing rate at that time is 7%. The way it goes up to that new rate may be incrementally, to assist in the transition or it may be abrupt. Either way, loan modifications are a good alternative for many of us.Good Luck
Actually, you cant get a refi because with a $230k + mortgage and a current value of $210-190k, you are upside down. There is no equity. It evaporated along with everyone elses.Are you looking to refinance to lower your payments? Are you trying to get cash out of your house? If payments are tight now due to a layoff, salary reduction, divorce, death in the family or a serious illness (or possibly something I didnt mention) the answer may be a loan modification. It is a no cost option that you can do yourself, or you can employ a lawyer to help you with for a flat fee. Reductions of 30-50% in payments are not unheard of and you end with a fixed loan with amazingly low rate (2-5%).I did one using a lawyer and got a 33% reduction in one month. It wasn't easy and required a lot of paperwork on my part, but the savings were more than worth it.Good Luck
If you are talking about this web site, then read the disclaimer at the bottom of your page. The information comes from county records. In your experience, how accurate is the county about anything? You can go to County records and get a copy of yours or you can ask an agent to pull it up on the computer for you.Until you are actually selling your home, the records really dont matter that much. An agent can help you decide what is important enough to try and change. Errors in square footage may be due to unpermitted additions or incomplete records.Trying to change Zillow directly would be much harder than correcting the data. It is like they say: "Garbage in - garbage out"Good luck and let me know if you need my help.
This really depends on the stregnth of your offer. If you are making an offer that is well below market value with a small down payment (under20%) than the bank is not highly motivated to allow you to tie up their asset and limit their earning potential.Cash investors/buyers, on the other hand are in the strongest position. If they are putting it all up front, they can often pick up homes for 80% of market value or less. This is smart for the bank because it clears inventory, provides a fast closing, and reduces their liability (vandalism or act of god) and carrying costs on the property (taxes, insurance, home owner association fees, and maintanance). It is good business for them.It is bad business for everyone else. It lowers the selling price, thus the prices of the surrounding homes. It makes it harder for the neighbors to sell or even refinance.
If you are going to be first time home buyers, you need to consider the additonal costs of being a home owner. Generally speaking, these things are more than offset by the Tax advantages. A good place to start is to sit down with your accountant. After that discuss why you want to be a homeowner. Most people that have owned say that inspite of all, they would not go back to renting. If you can get additional money for the down payment together, reducing your monthly payments, it would be better than squeezing in with 5% down. Keep in mind that interest rates are at an all time low and even if home prices drop 5% more, it is 5% of a price that is nearly half what it was 5 years ago. Generally speaking, if the interest rate climbs 1%, the price of the home would have to drop more than 10% to off set it. Interest rates are expected to rise this spring as the Government stops subsidizing the mortgages. This means that homes are more affordable now than they are likely to be in the forseeable future. The timing might not be right for you however. Discuss it with your accountant and then interview an agent. Good luck!