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Zillow's prices are far off in Vegas, it just can't handle a foreclosure market I think. I just bought not long ago and paid $197k, Zillow told me the house is worth $309k. If only life were that easy. Cyberhomes values my house almost exactly at what I paid for it.
Why isn't the appraised value per Clark County the figure that is used?
They are not that accurate on an indivual home. Same problem as Zillow and Cyberhome. There is a propensity for homes to end up under assessed after a while though the wild goings on of recent years have stopped that.
Location: central, between Pepe's Tacos and Roberto's
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Quote:
Originally Posted by olecapt
Neither is reasonably reliable. And BofA should not be using either. They know better. Complain. They have to get an appraisal for a refi.
This. Although I will say that for the heck of it I checked my home on both and was surprised that they were both in the same ball park and it was fairly accurate. For any lender to use either though, even to get an idea of what a property is worth, is simply unacceptable. We have too many accurate and reliable tools at our disposal to use substandard valuation methods. That being said, I highly doubt that BofA is using cyberhomes to valuate properties. With HVCC in full swing now all they can legally do when it comes to valuation is to hand the order off to an appraisal management company (no comp checks, no "we need to hit this prearranged value", etc.) and wait for the report.
Zillow has my home listed $40,000 above cyberhomes. When I went to BofA to refiance my home, they used cyberhomes.
Cyberhomes has my home at $118,000. Zillow is also $40,000 above that at $158,000. I'd like to believe Zillow is accurate!
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