divinemadness Posted October 27, 2008 Report Share Posted October 27, 2008 i go there and why are properties to buy coming up for like 1000?a little confused... can someone explain?thanks! Link to comment Share on other sites More sharing options...
Denita Posted October 27, 2008 Report Share Posted October 27, 2008 Those properties are usually the auction properties. Many times the auction company will advertize the price from $1000 (the operative word being FROM). There is a disclaimer in the literature saying must have seller approval. When you submit your bid, along with all the other people bidding at the same time, the price of the property is bid up. The highest bid is sent to the seller (usually a bank) and the seller has the option to accept or reject at that point. It is not uncommon to have a low acceptance ratio. Link to comment Share on other sites More sharing options...
dtuman Posted October 28, 2008 Report Share Posted October 28, 2008 Hello, divinemadness: I work at Zillow and wanted to chime in. We started as a home valuation site back in February of 2006 (we have a "Zestimate" for nearly every home in the U.S.), but since then have expanded into lots of other things. We list homes for sale -- by agents and by owners and have something unique called "Make Me Move," which is putting a price on your house -- even if you don't have any desire to move, but it's the price you would move for. We are the 2nd biggest online real estate site in the U.S. and we offer free tools for homeowners, buyers, sellers, real estate agents and now, even mortgage professionals. We have a mortgage product, called Zillow Mortgage Marketplace. It's where you can get a loan quote -- for free -- without giving out your name or any other personally identifiable info. I'm not sure what kind of value you're seeing for $1,000, but sometimes people use our site to advertise a rental, which is something we don't support as of yet. I hope that helps. Visit us at www.zillow.com. Link to comment Share on other sites More sharing options...
2ndTimeAround Posted October 30, 2008 Report Share Posted October 30, 2008 Hello, divinemadness: I work at Zillow and wanted to chime in. We started as a home valuation site back in February of 2006 (we have a "Zestimate" for nearly every home in the U.S.), but since then have expanded into lots of other things. We list homes for sale -- by agents and by owners and have something unique called "Make Me Move," which is putting a price on your house -- even if you don't have any desire to move, but it's the price you would move for. We are the 2nd biggest online real estate site in the U.S. and we offer free tools for homeowners, buyers, sellers, real estate agents and now, even mortgage professionals. We have a mortgage product, called Zillow Mortgage Marketplace. It's where you can get a loan quote -- for free -- without giving out your name or any other personally identifiable info. I'm not sure what kind of value you're seeing for $1,000, but sometimes people use our site to advertise a rental, which is something we don't support as of yet. I hope that helps. Visit us at www.zillow.com. Thanks for your post dtruman and welcome to the forum. I use Zillow almost everyday and think it is the best for showing approximate value. It gives me a good determination on judging the amount of equity a person has in their home.Keep up to good work!!!!!.... Link to comment Share on other sites More sharing options...
morrow Posted October 30, 2008 Report Share Posted October 30, 2008 I too use Zillow on a daily basis along with a couple other home value searches. I find it quite useful to get information, especially specific information about a property, including taxes.Thanks for the hard work you do dtuman....isnt Zillow based in WA? Link to comment Share on other sites More sharing options...
sunset Posted November 3, 2008 Report Share Posted November 3, 2008 I've tried using the 'zestimate' on zillow for a home we're hoping will still be on the market next year. The person selling it keeps lowering the price, and no one really wants the home..... so far. It's not in bad shape, there's nothing wrong with it, except it uses gas heat (which we would definitely get rid of). I put in the address, zillow can't find it. I've even tried the ditech e-appraisal on it... nothing. No matter what home I put in for our area, nothing comes up on either of them. My only defense is my daughter calls me a computard... and I certainly am. Link to comment Share on other sites More sharing options...
jasen Posted November 5, 2008 Report Share Posted November 5, 2008 Not all parts of the country are in zillow yet. It took a long time for my area to get in there, but it finally did. Even my parents neighborhood, only 20 minutes away, is not listed on zillow. Link to comment Share on other sites More sharing options...
jasen Posted November 5, 2008 Report Share Posted November 5, 2008 Funny, they're showing my home worth $307 now. I just refinanced 10 months ago for $200.Yeah, baby. I hope these guys are accurate. Link to comment Share on other sites More sharing options...
sunset Posted November 6, 2008 Report Share Posted November 6, 2008 lol. Well, I'm in middle-of-nowhere GA... mebbeh that explains it! Thanks, I feel better now that I'm not a total computard!! Link to comment Share on other sites More sharing options...
firstsource Posted November 6, 2008 Report Share Posted November 6, 2008 I have had a different experience when trying to use Zillow as a home value indicator. Their values have been off as much as 35K, both directions. If you are serious about making a large investment like this, I would suggest that you contact an appraiser and pay them to give you a value. They will take actual sales in your location for the past 6 months and that is how they will determine value. I always ask for a low/realistic estimate, and that seems to work out great. If your Loan Officer has a good relationship with an appraiser they can also get that information and it is free.Charles Link to comment Share on other sites More sharing options...
morrow Posted November 6, 2008 Report Share Posted November 6, 2008 If your Loan Officer has a good relationship with an appraiser they can also get that information and it is free.CharlesIt can also be illegal. "Comp checks" are commonly abused as a telemarking tool, that enables a person to call various Appraisers until a certain value can be promised. This tactic was and still is common. In most cases, most do not realize that these "comp checks" are being used to pressure appraisers for value. This promise is known as giving a predetermined value. Giving a predetermined value is strictly prohibed by the authorities and will not be given by anyone at (abc appraisals) "Comp checks" are legal only if the client requests solds with a (specific) given criteria. When a client asks for the Appraiserss opinion about the sales results of the search, it is an opinion which would not be credible without going through the entire appraisal process and is also prohibited. Per Wikipedia:One of the biggest concerns for appraisers, when it comes to "comp checks" is that mortgage brokers and loan officers who call with such requests are actually "appraiser shopping". Many people are of the opinion that appraisers come in two types: aggressive and conservative. This is a misnomer. If there are two types of appraisers in a lending appraisal assignment, they are an "Honest, Competent Market Value Appraisers" and everyone else. A mortgage broker and or lender is advised to shop a new appraiser when they find they are working with someone other than the honest and competent Market Value Appraiser.Thats not to say that its not being done, but again its a no no and some appraisers will point that out.It all depends on the relationship between the broker/loan officer and the appraiser though. I work closely with several and I do my own "comp check" along with the information from the borrower and then run it by the appraiser to see if they may be able to point out something else.www.cyberhomes.com is another one to use, along the same lines as zillow but most of the time theres quite a difference. Link to comment Share on other sites More sharing options...
Denita Posted November 6, 2008 Report Share Posted November 6, 2008 In our area Zillow is off at least 10% of actual value (they show about 10% higher than the actual comps indicate). Also our appraisers will only go back about 90 days here because of the significate changes we are experiencing now. Link to comment Share on other sites More sharing options...
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