Some banks are using systems or "internet sites" to get the value of homes. A client of mine recently refinanced their mortgage and was told that the appraisal came in fine. She asked when the appraiser came out, and if he did why didn't he come inside. The response was, "Oh we have a computerized system that we use to see the value of your home". I spoke to a mortgage friend of mine that told me they do sometimes use sites like "Zillow".
Another instance, of this "unbelievable" practice was, I had called an insurance company to get a quote for homeowners insurance. The insurance person didn't ask me much about the house at all, and said "I will call you tomorrow with a quote". To my surprise the quote was double what I am paying now. When I asked her how she came to that number, she proceeded to tell me that all the info on my home was in a "SYSTEM" that they use. So I started to question what the "SYSTEM" said about my home. To make a long story short, the quote was based on replacing a home of 2800 sq. ft. When my home is only 1400 sq. ft.
After flipping out upon hearing this, I went on Zillow and looked up my house................and there it was 2800 sq. ft. I went on the tax records for our MLS and there it was!
Somehow, at sometime, someone made an assumption, or mistake, and because of it I will forever have the wrong sq. footage plastered all over these "SYSTEMS".
If all of you go on Zillow (and I use Zillow because I have seen the WRONG information on it myself) you will probably see even the VALUE of some of the homes your are selling or even the one you live in REPORTED INACCURATELY.
People's insurance quotes, ability to refinance and who knows what else will greatly be affected by this.
This is NOT how things should be viewed or handled. Our clients are going on Zillow and looking up values and sq. footage of homes we are showing them and probably basing their offers on "THESE SYSTEMS".
This should be stopped!!
HAVING FAITH IN SOMETHING THAT APPEARS TO BE A RELIABLE SOURCE CAN BE DEADLY!
OH MY GOODNESS, I'M ONLY 105 LBS.! THIS HAS TO BE ACCURATE, IT'S THE SCALE THAT ALL THE HOSPITALS USE! GREAT, NOW I CAN KEEP EATING ICE CREAM. EVEN THOUGH THAT SILLY DOCTOR SAID THAT MY WEIGHT WAS KILLING ME!