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is it the same with Redfin? I prefer their user interface and ease of viewing photos. Maybe we should just stick with MetroList or specific realtors.
Online appraisals are offered for only one purpose:
For the site to generate sales leads, to prompt you to contact the real estate agent who advertises on that site, or the agent or firm that offers the appraisal.
Homes.com, Homesnap, eppraisal, Zillow, Realtor.com, are sites where agents from many companies pay to advertise, to be contacted.
Redfin and Remax are real estate brokerages, so you would be contacting a Redfin or Remax agent.
And when both buyer and seller agree with Z, Voila! Virtual reality becomes reality.
Exactly.
The MLS is abrituary just as much as Zillow, but because it’s private and only licensed agents can access it it therefore gives an impression of something that is of more value and prestigious.
Which is often shattered by the appraiser (unless it's a cash deal or the downpayment is much more than 20%)!
It’s unfortunate the industry puts so much weight on appraisers. I guess banks and lenders need a systematic way to limit their risk which appraisers offer, however appraisers much like accountants are only good at analyzing the past. If the last bubble taught me anything it’s that just because an apparaisor says it’s worth X amount today doesn’t mean it will be tomorrow. No matter what data base one uses in making a valuation at the end of the day something is only worth what someone is willing to pay for it, yet this simplistic principle is anything but simple thanks to our current economic and real estate system. If most of our economic system wasn’t built on debt things would be a lot less volatile.
Last edited by JPrzybylski07; 03-13-2019 at 05:46 AM..
The MLS is abrituary just as much as Zillow, but because it’s private and only licensed agents can access it it therefore gives an impression of something that is of more value and prestigious.
Actually, most MLSs are more complete and more open than online appraisal algorithms.
And the data tends to be more accurate, barring error.
There are consequences for errors in MLS data input. There are no consequences for persistent egregious errors in online appraisals.
OK, we can't trust Zillow but should we trust an appraisal or CMA? Listing agents in my market often neglect to include important details when they close out a sold listing. Guess what? Other agents and appraisers using that sold listing as a comp may not know and adjust for the fact that the sale included all contents or that the seller prepaid condo fees and assessments or that the buyer agreed to let the seller vacation in the unit every year for 10 years. Or the fact that the agents agreed to a reduction in commission to close the deal and on and on.
I've seen every one of those situations in a closed listing that didn't mention them. All of them affected the value of the property and anyone using those sales as a comp would have flawed information. Zillow can't be trusted but prudent people will not take MLS sales data at face value. Exact fair value estimates are all but impossible. A range of fair value is the best one can hope for based on the info available for most sold properties.
OK, we can't trust Zillow but should we trust an appraisal or CMA? Listing agents in my market often neglect to include important details when they close out a sold listing. Guess what? Other agents and appraisers using that sold listing as a comp may not know and adjust for the fact that the sale included all contents or that the seller prepaid condo fees and assessments or that the buyer agreed to let the seller vacation in the unit every year for 10 years. Or the fact that the agents agreed to a reduction in commission to close the deal and on and on.
I've seen every one of those situations in a closed listing that didn't mention them. All of them affected the value of the property and anyone using those sales as a comp would have flawed information. Zillow can't be trusted but prudent people will not take MLS sales data at face value. Exact fair value estimates are all but impossible. A range of fair value is the best one can hope for based on the info available for most sold properties.
Yes, we should put more trust into genuine appraisals that are done to recognized standards.
There are regulatory consequences for an appraiser for lying, fraud, or ineptitude.
For unregulated online appraisers, there are no standards and no consequences for abysmal behaviors.
OK, we can't trust Zillow but should we trust an appraisal or CMA? Listing agents in my market often neglect to include important details when they close out a sold listing. Guess what? Other agents and appraisers using that sold listing as a comp may not know and adjust for the fact that the sale included all contents or that the seller prepaid condo fees and assessments or that the buyer agreed to let the seller vacation in the unit every year for 10 years. Or the fact that the agents agreed to a reduction in commission to close the deal and on and on.
I've seen every one of those situations in a closed listing that didn't mention them. All of them affected the value of the property and anyone using those sales as a comp would have flawed information. Zillow can't be trusted but prudent people will not take MLS sales data at face value. Exact fair value estimates are all but impossible. A range of fair value is the best one can hope for based on the info available for most sold properties.
Damn well said. It’s like this has always been my gut feeling about the MLS and industry, but you were able to perfectly articulate it with words.
Yes, we should put more trust into genuine appraisals that are done to recognized standards.
There are regulatory consequences for an appraiser for lying, fraud, or ineptitude.
For unregulated online appraisers, there are no standards and no consequences for abysmal behaviors.
Totally agree. Was just making the point that even a legit appraisal can't be trusted to nail down exact value due to possibility of flawed info on sold MLS comps.
Should appraisals be trusted more than Zestimates? Absolutely. Are appraisals always accurate? No.
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