Do real estate appraisers consider home value estimates in Zillow, Trulia?

Asked by Cumbria1, West Palm Beach, FL Mon Apr 9, 2012

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11
Shawn Anders…, Agent, Elmhurst, IL
Mon Apr 9, 2012
Appraisers are only looking at comps obtained through the MLS. They are concerned about what has closed that compares. Zillow is not a good website to use they are only looking at the average around a house. They are not connected to the MLS and often do not have up to date info unless an agent goes in and adds the closing price. So basically these websites are not accurate and not used.
1 vote
Suzanne MacD…, Agent, Succasunna, NJ
Mon Apr 9, 2012
No, not at all. Appraisers provide an independent opinion of value based on recent sales of similar homes in the same geographic area. They apply a formula to increase or decrease their opinion of value based on the home's features, age, condition, location and so on. But they base their opinion on tax records, and sometimes use the multiple listing service to learn more detailed information about the houses they use as 'comps', but never Trulia or Zillow. That's the reason it is always best, if you are trying to determine the value of your home without paying an appraiser, to contact a real estate agent or broker. We are not appraisers and do not pretend to be, but we CAN look at recent sales for you on the Multiple Listing Service and give you OUR opinion. It's not an appraisal, of course, but it does help.
1 vote
Tim Wangler, Agent, Mokena, IL
Tue Jul 2, 2013
Zillow and trulia use algorithms that use general information. It does not compare apples to apples. Appraisers typically use MLS data and have certain criteria like radious of near by sales, condition of home and so on.
0 votes
Jackie Beard…, Agent, Naperville, IL
Fri Jun 28, 2013
No those estimates have a range that is too broad and estimates are vague which is why they are often not accurate.
0 votes
Muddassir Sa…, Both Buyer And Seller, Lombard, IL
Thu Jun 27, 2013
My agent has told me he doesn't consider those estimates because they are often incorrect
0 votes
cath.okoroh, , Hillside, IL
Thu May 2, 2013
In reference to the question an appraiser would send a homeowner looking for values on websites that I mentioned. In the actual appraisal they use comps for the most recent 9 months of closed transactions and in areas where there haven't been many sales, they may use listings. Not everyone has access to an appraisal, some don't want to invest the $400 or so dollars it would take to get an actual value, in that case, for speculative purposes, redfin and eppraisals are sources that someone can use to get an idea. The best thing is an actual appraisal of course, so that eyes can see exactly what is being compared.
0 votes
Bob Brandt, Agent, Schaumburg, IL
Thu May 2, 2013
No, they only use adjusted comparable sales. They do not care what the owner, the buyer, a neighbor, a crystal ball, a website, a Realtor, a lender or anyone thinks it is worth. If they do, the licensing authority will be after them eventually.
0 votes
cath.okoroh, , Hillside, IL
Thu May 2, 2013
Real Estate Appraisers typically use sites like redfin and eppraisals.com to name a few. Zillow and Trulia are not typically used because they are more generous in value estimations. Banks are more conservative now than they've been in over a decade due to the over 2million foreclosures in defaulted mortgage loans. Please feel free to email me if you have more questions.

Signed,

Catherine Okoroh
Senior Mortgage Banker
cokoroh@inlandbank.com
708-351-7268
0 votes
James R. Sta…, , Schererville, IN
Mon Apr 9, 2012
Send me a private message with your address and I will pull an AVM - (Automated Valuation Model) through my system and send you it. They are usually more accurate.
0 votes
, ,
Mon Apr 9, 2012
No, they are not allowed to use data from either.

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time.
Web Reference:  http://jamessimms.com/
0 votes
Phil Rotondo, Agent, Melbourne, FL
Mon Apr 9, 2012
They shouldn't and probably don't; but I'm sure they take a peak just like everyone else.
0 votes
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