[UCGal]

I have no clue why/how zillow gets their numbers.

For example – my house. Same models on our street, also without any additions, are showing $100k or more higher than ours. All of these houses are 40+ years old. The only thing I can figure is that our front yard isn’t as nice. They sure as heck don’t know what the state of the inside is. For all Zillow knows we could have the most fantabulous decked out new bathrooms/kitchens with hand crafted hardword floors installed by artisons. How would zillow know?

Now, we’ve added a companion unit – which changed our deed status to multi-family. Zillow shows us as multifamily, but does not give us the added square footage. And obviously doesn’t give us the added value of having a detached 1 bedroom rental unit.

It doesn’t matter to me. I’m not planning on selling anytime in the near or longterm… we’re here for the long haul. But my house is proof that Zillow seems to pull numbers out of their butt. They don’t seem to have much credibility.

[UCGal]

I have no clue why/how zillow gets their numbers.

For example – my house. Same models on our street, also without any additions, are showing $100k or more higher than ours. All of these houses are 40+ years old. The only thing I can figure is that our front yard isn’t as nice. They sure as heck don’t know what the state of the inside is. For all Zillow knows we could have the most fantabulous decked out new bathrooms/kitchens with hand crafted hardword floors installed by artisons. How would zillow know?

Now, we’ve added a companion unit – which changed our deed status to multi-family. Zillow shows us as multifamily, but does not give us the added square footage. And obviously doesn’t give us the added value of having a detached 1 bedroom rental unit.

It doesn’t matter to me. I’m not planning on selling anytime in the near or longterm… we’re here for the long haul. But my house is proof that Zillow seems to pull numbers out of their butt. They don’t seem to have much credibility.

[UCGal]

I have no clue why/how zillow gets their numbers.

For example – my house. Same models on our street, also without any additions, are showing $100k or more higher than ours. All of these houses are 40+ years old. The only thing I can figure is that our front yard isn’t as nice. They sure as heck don’t know what the state of the inside is. For all Zillow knows we could have the most fantabulous decked out new bathrooms/kitchens with hand crafted hardword floors installed by artisons. How would zillow know?

Now, we’ve added a companion unit – which changed our deed status to multi-family. Zillow shows us as multifamily, but does not give us the added square footage. And obviously doesn’t give us the added value of having a detached 1 bedroom rental unit.

It doesn’t matter to me. I’m not planning on selling anytime in the near or longterm… we’re here for the long haul. But my house is proof that Zillow seems to pull numbers out of their butt. They don’t seem to have much credibility.

[UCGal]

[quote=AK]Just found out about another one … closed earlier this month 15K below my conventional offer, presumably all cash. Another nearby closed 10K below the very reasonable asking price, presumably all cash. Never got a chance to bid on that one … lasted about two days on market.

Three model matches (two REOs and a short sale) listed within 1/4 mile. What are the chances these will appraise at “true” market value? By that I mean what a sane owner-occupant would offer.[/quote]

I assume you mean what a “typical” owner occupant would offer. All cash offers don’t necessarily mean insanity. It just means someone is trying to take advantage of the system at hand. For all you know these buyers may have borrowed cash from friends/family/401ks etc to be able to make a cash offer for less than you would have, and intend to finance it after the fact. I don’t think you can assume they are investors or flippers. Or insane. In fact getting 10k or more off the price sounds rational to me.

[UCGal]

[quote=AK]Just found out about another one … closed earlier this month 15K below my conventional offer, presumably all cash. Another nearby closed 10K below the very reasonable asking price, presumably all cash. Never got a chance to bid on that one … lasted about two days on market.

Three model matches (two REOs and a short sale) listed within 1/4 mile. What are the chances these will appraise at “true” market value? By that I mean what a sane owner-occupant would offer.[/quote]

I assume you mean what a “typical” owner occupant would offer. All cash offers don’t necessarily mean insanity. It just means someone is trying to take advantage of the system at hand. For all you know these buyers may have borrowed cash from friends/family/401ks etc to be able to make a cash offer for less than you would have, and intend to finance it after the fact. I don’t think you can assume they are investors or flippers. Or insane. In fact getting 10k or more off the price sounds rational to me.

[UCGal]

[quote=AK]Just found out about another one … closed earlier this month 15K below my conventional offer, presumably all cash. Another nearby closed 10K below the very reasonable asking price, presumably all cash. Never got a chance to bid on that one … lasted about two days on market.

Three model matches (two REOs and a short sale) listed within 1/4 mile. What are the chances these will appraise at “true” market value? By that I mean what a sane owner-occupant would offer.[/quote]

I assume you mean what a “typical” owner occupant would offer. All cash offers don’t necessarily mean insanity. It just means someone is trying to take advantage of the system at hand. For all you know these buyers may have borrowed cash from friends/family/401ks etc to be able to make a cash offer for less than you would have, and intend to finance it after the fact. I don’t think you can assume they are investors or flippers. Or insane. In fact getting 10k or more off the price sounds rational to me.

[UCGal]

[quote=AK]Just found out about another one … closed earlier this month 15K below my conventional offer, presumably all cash. Another nearby closed 10K below the very reasonable asking price, presumably all cash. Never got a chance to bid on that one … lasted about two days on market.

Three model matches (two REOs and a short sale) listed within 1/4 mile. What are the chances these will appraise at “true” market value? By that I mean what a sane owner-occupant would offer.[/quote]

I assume you mean what a “typical” owner occupant would offer. All cash offers don’t necessarily mean insanity. It just means someone is trying to take advantage of the system at hand. For all you know these buyers may have borrowed cash from friends/family/401ks etc to be able to make a cash offer for less than you would have, and intend to finance it after the fact. I don’t think you can assume they are investors or flippers. Or insane. In fact getting 10k or more off the price sounds rational to me.

[UCGal]

[quote=AK]Just found out about another one … closed earlier this month 15K below my conventional offer, presumably all cash. Another nearby closed 10K below the very reasonable asking price, presumably all cash. Never got a chance to bid on that one … lasted about two days on market.

Three model matches (two REOs and a short sale) listed within 1/4 mile. What are the chances these will appraise at “true” market value? By that I mean what a sane owner-occupant would offer.[/quote]

I assume you mean what a “typical” owner occupant would offer. All cash offers don’t necessarily mean insanity. It just means someone is trying to take advantage of the system at hand. For all you know these buyers may have borrowed cash from friends/family/401ks etc to be able to make a cash offer for less than you would have, and intend to finance it after the fact. I don’t think you can assume they are investors or flippers. Or insane. In fact getting 10k or more off the price sounds rational to me.

[UCGal]

[quote=PadreBrian]That’s not quite true either. True that banks don’t have the houses, but it’s not true that they aren’t in the foreclosure process. There’s no moratorium, so banks are processing and foreclosing. The pre-foreclosures we see are just dumb dumb bank robbing interest only loan bandits milking the banks for a new 30 year fixed 4% interest loan. Most are getting them.[/quote]

I wouldn’t say “most are getting them”. From what I’ve been reading, only about 9% of delinquent homeowners are getting them. That leaves 91% who are not – or are in limbo for other reasons.

http://www.mcclatchydc.com/homepage/story/73768.html

The administration thinks that about 2.7 million U.S. homeowners are at least two months behind on their mortgage payments, roughly equal to the population of Kansas. Yet only 9 percent of eligible borrowers had been offered trial loan modifications through June.

snip

Wells Fargo had modified just 6 percent of its eligible loans through June.

http://www.forbes.com/2009/08/04/mortgage-loan-obama-business-wall-street-modifications.html

Banks have made underwhelming progress on helping struggling mortgage borrowers, extending trial loan modifications to just 9% of those eligible under a $75 billion Obama administration program–and even that number may be inflated. Some of the homeowners in the trial program may not be allowed into the program due to weak initial controls.

According to a report released Tuesday by the U.S. Treasury, mortgage servicers signed up 230,000 struggling borrowers for trial modifications under the president’s plan in the six months since it was launched. That represents 9% of the 2.7 million mortgages that are at least 60 days past due and considered eligible.

[UCGal]

[quote=PadreBrian]That’s not quite true either. True that banks don’t have the houses, but it’s not true that they aren’t in the foreclosure process. There’s no moratorium, so banks are processing and foreclosing. The pre-foreclosures we see are just dumb dumb bank robbing interest only loan bandits milking the banks for a new 30 year fixed 4% interest loan. Most are getting them.[/quote]

I wouldn’t say “most are getting them”. From what I’ve been reading, only about 9% of delinquent homeowners are getting them. That leaves 91% who are not – or are in limbo for other reasons.

http://www.mcclatchydc.com/homepage/story/73768.html

The administration thinks that about 2.7 million U.S. homeowners are at least two months behind on their mortgage payments, roughly equal to the population of Kansas. Yet only 9 percent of eligible borrowers had been offered trial loan modifications through June.

snip

Wells Fargo had modified just 6 percent of its eligible loans through June.

http://www.forbes.com/2009/08/04/mortgage-loan-obama-business-wall-street-modifications.html

Banks have made underwhelming progress on helping struggling mortgage borrowers, extending trial loan modifications to just 9% of those eligible under a $75 billion Obama administration program–and even that number may be inflated. Some of the homeowners in the trial program may not be allowed into the program due to weak initial controls.

According to a report released Tuesday by the U.S. Treasury, mortgage servicers signed up 230,000 struggling borrowers for trial modifications under the president’s plan in the six months since it was launched. That represents 9% of the 2.7 million mortgages that are at least 60 days past due and considered eligible.

[UCGal]

[quote=PadreBrian]That’s not quite true either. True that banks don’t have the houses, but it’s not true that they aren’t in the foreclosure process. There’s no moratorium, so banks are processing and foreclosing. The pre-foreclosures we see are just dumb dumb bank robbing interest only loan bandits milking the banks for a new 30 year fixed 4% interest loan. Most are getting them.[/quote]

I wouldn’t say “most are getting them”. From what I’ve been reading, only about 9% of delinquent homeowners are getting them. That leaves 91% who are not – or are in limbo for other reasons.

http://www.mcclatchydc.com/homepage/story/73768.html

The administration thinks that about 2.7 million U.S. homeowners are at least two months behind on their mortgage payments, roughly equal to the population of Kansas. Yet only 9 percent of eligible borrowers had been offered trial loan modifications through June.

snip

Wells Fargo had modified just 6 percent of its eligible loans through June.

http://www.forbes.com/2009/08/04/mortgage-loan-obama-business-wall-street-modifications.html

Banks have made underwhelming progress on helping struggling mortgage borrowers, extending trial loan modifications to just 9% of those eligible under a $75 billion Obama administration program–and even that number may be inflated. Some of the homeowners in the trial program may not be allowed into the program due to weak initial controls.

According to a report released Tuesday by the U.S. Treasury, mortgage servicers signed up 230,000 struggling borrowers for trial modifications under the president’s plan in the six months since it was launched. That represents 9% of the 2.7 million mortgages that are at least 60 days past due and considered eligible.

[UCGal]

[quote=PadreBrian]That’s not quite true either. True that banks don’t have the houses, but it’s not true that they aren’t in the foreclosure process. There’s no moratorium, so banks are processing and foreclosing. The pre-foreclosures we see are just dumb dumb bank robbing interest only loan bandits milking the banks for a new 30 year fixed 4% interest loan. Most are getting them.[/quote]

I wouldn’t say “most are getting them”. From what I’ve been reading, only about 9% of delinquent homeowners are getting them. That leaves 91% who are not – or are in limbo for other reasons.

http://www.mcclatchydc.com/homepage/story/73768.html

The administration thinks that about 2.7 million U.S. homeowners are at least two months behind on their mortgage payments, roughly equal to the population of Kansas. Yet only 9 percent of eligible borrowers had been offered trial loan modifications through June.

snip

Wells Fargo had modified just 6 percent of its eligible loans through June.

http://www.forbes.com/2009/08/04/mortgage-loan-obama-business-wall-street-modifications.html

Banks have made underwhelming progress on helping struggling mortgage borrowers, extending trial loan modifications to just 9% of those eligible under a $75 billion Obama administration program–and even that number may be inflated. Some of the homeowners in the trial program may not be allowed into the program due to weak initial controls.

According to a report released Tuesday by the U.S. Treasury, mortgage servicers signed up 230,000 struggling borrowers for trial modifications under the president’s plan in the six months since it was launched. That represents 9% of the 2.7 million mortgages that are at least 60 days past due and considered eligible.

[UCGal]

[quote=PadreBrian]That’s not quite true either. True that banks don’t have the houses, but it’s not true that they aren’t in the foreclosure process. There’s no moratorium, so banks are processing and foreclosing. The pre-foreclosures we see are just dumb dumb bank robbing interest only loan bandits milking the banks for a new 30 year fixed 4% interest loan. Most are getting them.[/quote]

I wouldn’t say “most are getting them”. From what I’ve been reading, only about 9% of delinquent homeowners are getting them. That leaves 91% who are not – or are in limbo for other reasons.

http://www.mcclatchydc.com/homepage/story/73768.html

The administration thinks that about 2.7 million U.S. homeowners are at least two months behind on their mortgage payments, roughly equal to the population of Kansas. Yet only 9 percent of eligible borrowers had been offered trial loan modifications through June.

snip

Wells Fargo had modified just 6 percent of its eligible loans through June.

http://www.forbes.com/2009/08/04/mortgage-loan-obama-business-wall-street-modifications.html

Banks have made underwhelming progress on helping struggling mortgage borrowers, extending trial loan modifications to just 9% of those eligible under a $75 billion Obama administration program–and even that number may be inflated. Some of the homeowners in the trial program may not be allowed into the program due to weak initial controls.

According to a report released Tuesday by the U.S. Treasury, mortgage servicers signed up 230,000 struggling borrowers for trial modifications under the president’s plan in the six months since it was launched. That represents 9% of the 2.7 million mortgages that are at least 60 days past due and considered eligible.

[UCGal]

Per public records the previous owners of 6610 Amberly bought at the peak (2006) for $557.5K.

Not knowing the current condition, but knowing the neighborhood… it could be a decent deal. It’s a an older neighborhood with a lot of long time residents. The house is small, but starter homes aren’t supposed to be McMansions.

How long are you planning to stay in the house? Do you need it to appreciate, or just hold it’s value?

What do houses in the neighborhood rent for? A quick look at Craigslist (unscientific) shows that a 2br in allied gardens/del cerro can rent for about $1400-1800. What would your mortgage/taxes be if you bought?

[UCGal]

Per public records the previous owners of 6610 Amberly bought at the peak (2006) for $557.5K.

Not knowing the current condition, but knowing the neighborhood… it could be a decent deal. It’s a an older neighborhood with a lot of long time residents. The house is small, but starter homes aren’t supposed to be McMansions.

How long are you planning to stay in the house? Do you need it to appreciate, or just hold it’s value?

What do houses in the neighborhood rent for? A quick look at Craigslist (unscientific) shows that a 2br in allied gardens/del cerro can rent for about $1400-1800. What would your mortgage/taxes be if you bought?

[Author]

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