Comments on: Speaking of Transparency… http://blogs.doublepositive.com/2007/04/19/speaking-of-transparency/ DoublePositive | LIVE Hot Transfers Leads Wed, 08 Feb 2012 19:34:53 +0000 hourly 1 http://wordpress.org/?v=3.0.4 By: Valerie McGillivray http://blogs.doublepositive.com/2007/04/19/speaking-of-transparency/#comment-36 Valerie McGillivray Wed, 25 Apr 2007 12:20:15 +0000 http://blogs.doublepositive.com/2007/04/19/speaking-of-transparency/#comment-36 Zillow has only given the FSBO's or potential FSBO's enough information to realize they still need the services of a professional...the values are inaccurate, the swing in the values are sometimes off by $100,000 too high or too low. I believe the site is a great tool for folks that are not yet serious about selling or buying real estate and have had many calls from the visitors to the site once they are ready to actually sell and want a professional opinion on value and marketing. These people sense the site isn't accurate enough to risk their greatest investment to chance. Most sensible people know that until the property is viewed for condition, location, amenities , sellers motivation a value can't be placed from a satellite map that shows all homes (regardless of the above factors) that have sold in the area. I don't believe real estate professionals are in any way attempting to holdback information from the public, but many do have concerns about the total inaccuracy in the Zestimates that are given. Zillow has only given the FSBO’s or potential FSBO’s enough information to realize they still need the services of a professional…the values are inaccurate, the swing in the values are sometimes off by $100,000 too high or too low.
I believe the site is a great tool for folks that are not yet serious about selling or buying real estate and have had many calls from the visitors to the site once they are ready to actually sell and want a professional opinion on value and marketing. These people sense the site isn’t accurate enough to risk their greatest investment to chance.
Most sensible people know that until the property is viewed for condition, location, amenities , sellers motivation a value can’t be placed from a satellite map that shows all homes (regardless of the above factors) that have sold in the area.
I don’t believe real estate professionals are in any way attempting to holdback information from the public, but many do have concerns about the total inaccuracy in the Zestimates that are given.

]]> By: Brad http://blogs.doublepositive.com/2007/04/19/speaking-of-transparency/#comment-35 Brad Tue, 24 Apr 2007 23:21:09 +0000 http://blogs.doublepositive.com/2007/04/19/speaking-of-transparency/#comment-35 Employing Broker - Real Estate Agency (127 agents) Mortgage Broker - Owner - (62 LO's) 13 years in the Industry: Absolutely the industry needs to have more information transparency. Zillow is a step in a new direction! Right, wrong or indifferent its a change and makes the industry re-exam itself. The ones who go all defensive usually have something to hide. HMMMMM didn't the real estate community successfully sue and win for the right to fill in the blanks on a real estate contract... WOW a new direction. Now we have the MLS - which is a MONOPOLY by Realtors and a trade/industry standard used as a tool for.....hmmmmmm appraisals. GARBAGE IN GARBAGE OUT - inaccurate at best....or does anyone believe the MLS is a pristine database? What the in blue blazes is a CMA but a glorified psuedo appraisal provided by someone with access to the MLS - however; don't call it an appraisal or else! So: ask a listing agent, a buyers agent, an appraiser, a loan officer and the homeowner or borrower what the value of the property is and you'll get a different answer from every last one of them...then the underwriter will ask for a desk audit, or additional comparable. By the way - a vast majority of the foreclosure situation is attributable to....yep you guessed it...Appraisers, loan officers and even real estate agents who (Represent/protect the homeowner's interests) BS, BS, BS the only thing a majority work for is the money in their pocket and it is hypocritical to pretend otherwise. Where does the homeowner have "SUBJECTIVE" voice to directly value their home ---MLS? Nope! County Assessor? Nope! Appraisers? Nope (can't even get a copy of the appraisal directly from the appraiser unless the person "ordering" the appraisal says it's ok) Kind of like going to the Dr - getting some lab work done then a perscription but not being told what illness you have -- just trust everyone...lol. Read your appraisal - it is SUBJECTIVE, in a value range between $XXXXX - $YYYY and believed to be accurate - but you should confirm all measurements and information contained....signed by the appraiser. That is called an educated guess. So along with the diatribe - bring on the competition. Let the consumer have as much information as possible. Educate them and ourselves as well. I want them to put down they spent $XXXX to improve the home. What kind of tile floors ( vinyl, ceramic, marble), what kind of wood floors. AND Yes, some people take better care of their homes than others - so lets let them take pride in ownership and share with us their information. Employing Broker – Real Estate Agency (127 agents)
Mortgage Broker – Owner – (62 LO’s)
13 years in the Industry:

Absolutely the industry needs to have more information transparency. Zillow is a step in a new direction! Right, wrong or indifferent its a change and makes the industry re-exam itself. The ones who go all defensive usually have something to hide. HMMMMM didn’t the real estate community successfully sue and win for the right to fill in the blanks on a real estate contract… WOW a new direction. Now we have the MLS – which is a MONOPOLY by Realtors and a trade/industry standard used as a tool for…..hmmmmmm appraisals. GARBAGE IN GARBAGE OUT – inaccurate at best….or does anyone believe the MLS is a pristine database? What the in blue blazes is a CMA but a glorified psuedo appraisal provided by someone with access to the MLS – however; don’t call it an appraisal or else! So: ask a listing agent, a buyers agent, an appraiser, a loan officer and the homeowner or borrower what the value of the property is and you’ll get a different answer from every last one of them…then the underwriter will ask for a desk audit, or additional comparable.

By the way – a vast majority of the foreclosure situation is attributable to….yep you guessed it…Appraisers, loan officers and even real estate agents who (Represent/protect the homeowner’s interests) BS, BS, BS the only thing a majority work for is the money in their pocket and it is hypocritical to pretend otherwise. Where does the homeowner have “SUBJECTIVE” voice to directly value their home —MLS? Nope! County Assessor? Nope! Appraisers? Nope (can’t even get a copy of the appraisal directly from the appraiser unless the person “ordering” the appraisal says it’s ok) Kind of like going to the Dr – getting some lab work done then a perscription but not being told what illness you have — just trust everyone…lol.

Read your appraisal – it is SUBJECTIVE, in a value range between $XXXXX – $YYYY and believed to be accurate – but you should confirm all measurements and information contained….signed by the appraiser. That is called an educated guess.

So along with the diatribe – bring on the competition. Let the consumer have as much information as possible. Educate them and ourselves as well. I want them to put down they spent $XXXX to improve the home. What kind of tile floors ( vinyl, ceramic, marble), what kind of wood floors. AND Yes, some people take better care of their homes than others – so lets let them take pride in ownership and share with us their information.

]]> By: Jessica http://blogs.doublepositive.com/2007/04/19/speaking-of-transparency/#comment-34 Jessica Tue, 24 Apr 2007 22:34:19 +0000 http://blogs.doublepositive.com/2007/04/19/speaking-of-transparency/#comment-34 While I am not a professional appraiser, I agree with Arizona's cease and desist order against Zillow.com. I am a loan officer not residing in AZ. I have checked this website on a number of occasions using varying types of residences. The values given are way off base and definitely should not be used in lieu of a physical appraisal done by a professional. It is not nearly as accurate as people would like to believe. While I am not a professional appraiser, I agree with Arizona’s cease and desist order against Zillow.com. I am a loan officer not residing in AZ. I have checked this website on a number of occasions using varying types of residences. The values given are way off base and definitely should not be used in lieu of a physical appraisal done by a professional.
It is not nearly as accurate as people would like to believe.

]]> By: Lisa Kee http://blogs.doublepositive.com/2007/04/19/speaking-of-transparency/#comment-33 Lisa Kee Tue, 24 Apr 2007 22:29:33 +0000 http://blogs.doublepositive.com/2007/04/19/speaking-of-transparency/#comment-33 I do not agree with this article at all. If anything, the Zillow site is filling the public's head with misinformation. They are so far off on values on a consisten basis, I doubt anyone is threatened about their job. If it were correct, we would not need appraisers in the lending industry. Obviously that will never happen. I think something needs to be done to stop them from misinforming people. That is like having a site make claims about law, without a degree. Let's leave it to the professional appraisers. I do not agree with this article at all. If anything, the Zillow site is filling the public’s head with misinformation. They are so far off on values on a consisten basis, I doubt anyone is threatened about their job. If it were correct, we would not need appraisers in the lending industry. Obviously that will never happen. I think something needs to be done to stop them from misinforming people. That is like having a site make claims about law, without a degree. Let’s leave it to the professional appraisers.

]]> By: Why Do So Many Agents Fear Zillow? at The Phoenix Real Estate Guy http://blogs.doublepositive.com/2007/04/19/speaking-of-transparency/#comment-32 Why Do So Many Agents Fear Zillow? at The Phoenix Real Estate Guy Fri, 20 Apr 2007 04:07:25 +0000 http://blogs.doublepositive.com/2007/04/19/speaking-of-transparency/#comment-32 [...] recent posts across the blogiverse with a Zillow/AZBoA [...] [...] recent posts across the blogiverse with a Zillow/AZBoA [...]

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