ED Magedson – Founder
Zillow1301 2nd Avenue F1 31 Seattle, Washington USA
Zillow Ready to file a class action suit against Zillow Seattle Washington
Please leave a response to this if you are interested in filing a class action lawsuit against Zillow. The more people we gather, the more likely an attorney will take the case. Zillow is a paper game, solely as a revenue producer for their stockholders and their CEOs. Their "zestimates" are grossly under the real appraised values of homes. They even at one point listed my home in foreclosure beause the Deed of Trustees had changed (not by me!). I have and had never even been late on a payment in the 7 years we've owned this home. In summer of 2013, we refinanced our home. We felt we had enough equity to avoid PMI, so Citi sent an appraiser at our cost to get a formal appraisal on the home. It was in the best interest of Citi to have the home worth less, so we would be required to pay PMI, but this appraiser was a certified, experienced appraiser who did it by the book. Our home was appraised at $129,000. The original purchase price was $114,000. Zillow had the value of our home listed as much lower than that, and has continually dropped the value since, now "zestimating" it at $111,000. I have complained multiple times, but they state their evaluations are based on an algorithm. Let's put it this way. You can find a good recipe, but if you put all the wrong measurement of ingredients into the mixture, you're going to get a cake that taste terrible and flops. Since they make their money off of shareholders and realtor advertising, it doesn't behoove them to get anything correct, just do what it takes to entice both. The interesting part is that both the appraiser and every realtor I've spoken to rolls their eyes when I bring up Zillow and agree that their "zestimates" are grossly inaccurate. If an individual hurt someone financially by doing something wreckless, they'd wind up in court. And since the Supreme Court has mandated that Corporations are people, then doesn't Zillow belong in court with a lawsuit so large that it takes them down? That is the only way it will deter other companies from such unethical practices. We have a responsibility as a global community to bring companies down that don't play by the rules and in turn, hurt a large amount of people. Regardless of all the complaints by consumers, Zillow refuses to examine and reevaluate their algorithm because it pays not to. Time to make it pay.
This report was posted on Ripoff Report on 02/23/2014 06:50 AM and is a permanent record located here: http://www.ripoffreport.com/reports/zillow/seattle-washington/zillow-ready-to-file-a-class-action-suit-against-zillow-seattle-washington-1125838. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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