I recently wrote an article about National Community Reinvestment Coalition filing a complaint with the Federal Trade commission about the accuracy of Zillow.com. In their complaint, a NCRC, a group for advancing appraisers, stated that Zillow.com gave false and mis-leading values of homes.
Zillow.com has prepared a video to address this issue and I found it very informative.
httpv://www.youtube.com/watch?v=uaeAgfay01o
If you can’t see this video, you need to download flash from Adobe Flash
The National Community Reinvestment Coalition (NCRC) filed a consumer protection complaint to the Federal Trade Commission alleging Zillow.com is misleading consumers, real estate professionals and financial service providers.
Humm, I don’t know too many consumers, real estate professionals and financial service providers that put much stock in home prices by Zillow.com or other on-line valuation services. Zillow.com states you are looking at home values, not home appraisals. How could Zillow.com come up with an accurate price of your home by just using data from recent sales? To begin with, an appraiser, in order to get a true value of your home, has to look at the exterior and interior of your home in order to find homes similar to yours. Then after finding homes that were recently sold and that are similar to yours, adjustments, plus and minus, have to be made on the homes he finds that are similar to your home to account for neighborhood, landscaping, etc. Continue reading Zillow.com has Complaint Filed Against Them by NCRC
