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Trulia and Zillow both show approx $136,000 estimates for the property. Not saying those sites are perfect, but they give a general idea. No way the $259,000 is correct…..
Trulia and Zillow rely heavily on tax assessment valuations when sufficient actual comparables do not exist. Credible real estate agents and appraisers would never use them, nor tax assessments, to determine the fair market value of a property.
Brent B is correct. Truila and Zillow are worthless and no one with any sense uses it.
It sounds like the first two appraisals used them…
Time/date stamp this. I agree with Brent:-)
Pause the hysteria for a minute.
1. The story originated with Gannett, which makes the data suspect
2. Almost every one of the many people who touch a mortgage file have incentive for a positive result either from personal compensation or organizational pressure.
3. Why are the 1st 2 appraisers named, but the 3rd one who brought in the value to fit the story, gets to remain anonymous?
4. Going a mile in an urban area for comps is a red flag, but almost all appraisal fraud is done to INCREASE the value, not suppress (see point #2)
This is all data driven and should be easy to unravel. The 1st 2 mortgage attempts were from a year ago and a white hot housing market had not yet gone insane like it is today. Would love to see the 3rd appraisal. Are all the comps sales in the last 60 days that were not available before? Was the 3rd appraisal questionably increased to facilitate the loan?
Lots of questions but “journalists” screaming RACISM is what sells clicks.
100% agree.