I listed a property in Thomaston, Connecticut a few months ago.   To list a property I go to the house – walk in every room, open every closet, look for water damage in the ceilings, basement inspection, furnace, electrical, roof shingles and siding inspection.  I compare the data to the town/field assessors card that 90% of the time never matches what is actually in and on the property. That’s another blog in itself.

I then went to my SOLDS in Thomaston in my www.Raveis.com/Geena MLS within a 2 mile radius and compared the “like kind” house with the other “like kind” houses that sold and I make adjustments either plus or minus from the “like kind” properties using my data from www.Raveis.com/Geena site which is loaded with property and town data.

My value came in at $69,900.  The bank that I is approving the short sale hired a broker to do their evaluation and they came up with $72,000.  Okay usually the banks come in between $2,000 to $15,000 higher than my evaluations.  Not a problem.

I went to zillow.com and they had the property valued at $139,000.   Zillow uses data from the town/field assessors cards which is problem numero uno.  My advice? Get a Realtor to give you the correct property evaluation or hire an appraiser.  Zillow contributed to the improper loaning in this country because  I do know banks that would do “desktop appraisals” and I know they used Zillow.

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