Report: Zillow.com
Category: Real Estate Services
Zillow.com misrepresented my home's value with their zestimate; undervalued my home Ripoff Seattle Washington
*REBUTTAL Employee ..Zestimates are a starting point
Zillow.com
Fax:
Seattle, Washington, 98104
U.S.A.
Submitted: 8/25/2006 10:05:55 AM
Modified: 4/7/2009 8:16:26 PM
Donna
Tallmadge, OhioZillow.com has undervalued my home with an inaccurate 'zestimate'. I am trying to sell my house for its market value, and they are sabotaging my efforts to do so.
Zillow will not make changes on their site, nor will they pull a house from the site when a consumer requests them to.
Their satellite view is incorrect,also. They show two homes at my address, and there is only one.
Many people assume Zillow's 'zestimates' are correct, and they are not. Who would purchase a home for more than this website says it is worth?
This is misreprestation on their part, and it is adversly affecting the sale of my home.
Donna
Tallmadge, Ohio
U.S.A.
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Updates & Rebuttals:
- Zillow means nothing to a professional realtor or lender Steve [9/12/2006 4:38:59 PM]
- Zillow is for entertainment only Lee Ving [9/12/2006 8:14:59 PM]
- The 'sky eye' really doesn't know it all now does it? Jack [9/12/2006 10:52:12 PM]
- Zestimates are a starting point Drewmeyers [4/7/2009 2:23:38 PM]
Zillow means nothing to a professional realtor or lender
I am a mortgage broker and I can tell you with 100% certainty that neither a realtor or a lender will use a value from Zillow. Neither should you.
Even if you are selling the property yourself, hire a local real estate appraiser and ask him to complete the form FNMA 1004, this is the legal Fannie Mae full appraisal form.
I don't know what kind of value you are talking about but an appraisal will cost you somewhere between $275.00-$350.00. The appraisal will include appropriate comparables for your property to help establish its market value.
Submitted: 9/12/2006 8:14:59 PM
Modified: 9/12/2006 8:14:59 PM
Lee Ving
San Francisco, CaliforniaU.S.A.
Zillow is for entertainment only
Mu next door neighbor and I have the same exact model house except for different elevations. There is no cost difference associated with our elevations. Both of the houses were delivered in Jan 2004. Mine cost 676K, his was 672K. At the height of the frenzy, mine was valued 1,002,000 per Zillow and his was valued at 1,005,000 per Zillow. The market here in the bay area has now 'slowed' a bit. My house value is freefalling on a weekly basis per Zillow, it is now 890,000 while my neighbor's house value keeps surging, now 1,070,000 per Zillow.
I think Zillow is for entertainment purposes only. Quite frankly, I don't think either of the houses would even sell at the 890K.
Try (((link ROR redacted))). It seems a bit more consistent, it values both my neighbors house and mine at about 900K, with mine the higher value.
sorry, …allowing you to give a competitors name would instigate others to just file against their competition, to only come back later to suggest their company… your comments on this policy are welcome! CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.
Submitted: 9/12/2006 10:52:12 PM
Modified: 9/12/2006 10:52:12 PM
Jack
Lewistown, PennsylvaniaU.S.A.
The 'sky eye' really doesn't know it all now does it?
As others stated, get a trained professional's opinion. Use an appraiser and pay the fee. Call any real estate agent and request a free CMA, there's no obligation other than being kind while they're there. These people are professionals that have access to info you'll take years to find on your own. You can still sell your home yourself.
Another thing to keep in mind is the market value given to you by either of the above may or may not be what your home will sell for. Many things determine the final price like location, condition, the variables of your particular market.
Too many times folks get a figure in their head and stick with it regardless of what the actual value may be. Don't forget closing costs. Regardless of whether or not you use an agent, you're still responsible for possibly thousands of dollars of associated costs that you can't escape out of.
If zillow had given you an amazing figure you'd be shouting the praises now wouldn't you? But the for sale sign in your yard might grow old and faded.
Zestimates are a starting point
Zestimates are a starting point, not a replacement for a CMA or appraisal by a local professional who knows your local market and has been to your home. Please read more about Zestimates here - http://www.zillow.com/howto/Zestimate.htm. The property information on Zillow is based on public records that can be accessed at any county office; we do not manually change Zestimate values or remove homes from the website.
We are happy to look into your specific issue if you post a question that includes the address of the home in Zillow Advice - http://www.zillow.com/advice/
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