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sacrilicious wrote:
A house I was watching, 4060 Vermont St., was previously valued at about $390k. The new zestimate is $646,500 -- pretty big difference! And not an improvement, unfortunately, as the home recently sold as an REO for $369k.
Thi disparity may be caused by the fact that Zillow thinks the recent sale price was $718k. However, this was the amount of the defaulted loan, not the actual market price of the house. If the new algorithm is getting tripped up by this distinction, that's a problem given that there are so many foreclosures.
Why change history?
"it has not been my experience that refinance appraisals are liberal on the high side!" You are kidding, right? Inflated refi appraisals to "hit the number" have been a huge and well known problem for years. Sorry, but a refi appraisal price is nigh meaningless...
January 10
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