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A 3rd party Real Estate site ruined their lives!

By
Real Estate Broker/Owner with WHISPERING PINES REALTY 20398180

I was meeting with a couple in their 40's.  They are hoping to buy a home.  They lost their to a foreclosure a few years ago.

They had an arm product and needed to re-fi.

They jumped on the computer to see how much equity they had in their home.  The went to......Zillow!

Zillow's crack site gave them a range that was not close to what they owed.  Feeling totally defeated, they let the home go back to the bank.  

 

They found out about 5- months afterwards that their home sold for more than what they had actually owed.  They had gotten bad information.

When I asked why they didn't get some REAL professional help they said that they had heard that Zillow was one of the best.  And when they got the information on their web site that they were underwater they had no reason to doubt it.

Zillow ruined their lives and now they were trying to rebuild it.

 

Yes...it was their fault for not checking with their bank and or other professionals such as licensed Real Estate agents who have all the up to date information on local values.

Yes, they should have made more of that effort.  But when you given news that totally deflates you you often say the HELL with it!

 

People...STOP STOP STOP thinking that all these 3rd party sites are so great.   Need information on your homes value.  Call someone that has current information for your area.   Real Estate professionals have the most up to date and accurate information and it is available just for the asking.  DON'T SHORT CHANGE YOURSELF!!!!!!!!!!!!!!!!

 

 

Comments (15)

Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES
Tropic Shores Realty - Ich spreche Deutsch! - Spring Hill, FL
Florida Waterfront and Country Club Living

William, that is terrible.  It shows that these sites enjoy a much better reputation with consumers than with the real estate industry.

Jan 21, 2015 09:24 AM
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co Notary Services retired RE Broker

William, who'd a thunk but these days so many people rely on the internet and have fewer and fewer personal relationships.

Jan 21, 2015 09:47 AM
Dawn Waters
The Waters Group LLC - Debary, FL
Connecting People with Places

UGH. I spend a huge amount of time contesting Zillow with sellers and buyers as well. It will take some time to have the general public learn that a Realtor is the best source of information that there is when it comes to buying, selling or giving an accurate market analysis of their area. Thank you for this information and the reminder. I am going to use this in my arsenal!

Jan 21, 2015 11:12 AM
Carla Muss-Jacobs, RETIRED
RETIRED / State License is Inactive - Portland, OR

This is truly scary!  I'm sure they're not alone in that line of thinking.  Of course, we know different since we're in the biz, but this brings up a good question.   How very unfortunate.  

Jan 21, 2015 11:35 AM
Debbie Laity
Cedaredge Land Company - Cedaredge, CO
Your Real Estate Resource for Delta County, CO

This should get featured, Bill. I've bookmarked this post. I just finished up some MLS meetings for my board and was out of town for three days for those. Of course Zillow came up and how to tackle that internet monster. Your story is a perfect example of why a person should consult and hire a true real estate professional. 

Jan 21, 2015 11:44 AM
Susan Haughton
Long and Foster REALTORS (703) 470-4545 - Alexandria, VA
Susan & Mindy Team...Honesty. Integrity. Results.

Definitely a sad story and cautionary tale...the internet is too easy to use and some peopl do not want to reach out to agents for fear of being hounded for business.

Same reason we all go to the car dealerships when they are closed...so we can look at cars and price tags without the constant sales pitch.

Jan 21, 2015 12:08 PM
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I am gladf i am not alone in my thinking...our MLS boards and other Real Estate boards need to get this under control.  Sadly I thinkit is all money.

Jan 21, 2015 12:21 PM
Vern Eaton
Askov, MN
Realtor 651-674-7449

I keep hearing how bad these sites are and can't believe agents still buy into them.

Jan 21, 2015 01:13 PM
Sybil Campbell
Fernandina Beach, FL
Referral Agent Amelia Island Florida

William, that is so sad.  It is too bad that Zillow will never be held accountable for their loss.

Jan 21, 2015 01:15 PM
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

Great post Bill, amazing what some people will believe and act upon.

People should know by now to not believe much of what you read on the internet or in the media.

Jan 21, 2015 01:39 PM
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

What a shame, William.  There should be a disclaimer on automatic valuations that state: "For entertainment purposes only!"

Jan 21, 2015 08:21 PM
Doug Dawes
Keller Williams Evolution - 447 Boston Street, Suite #5, Topsfield, MA - Topsfield, MA
Your Personal Realtor®

AMEN William Feela 

These predictive real estate websites can be a real nuisance and Gabe Sanders I think you have a great idea "Disclaimer"

Jan 21, 2015 09:36 PM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

William, this breaks my heart, and sure wish we could get to all the public to relay this site has inaccurate information!

Jan 21, 2015 10:04 PM
Suzanne McLaughlin
Sabinske & Associates, Inc. (Albertville, St. Michael) - Saint Michael, MN
Sabinske & Associates, Realtor

This will never get the FEATURE it deserves, Bill.  But, if people only knew that LOCAL realtors and brokers really know the LOCAL market, they wouldn't rely on this aggregators who know about as much as an appraiser from another state does about your property!.  Whew.  Glad I got that off my chest!

Jan 22, 2015 04:22 AM
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

Hi Bill, Much of the public think that because the Z and t's of the world are household names, that they are the experts and we know real estate is local and always has been.

Jan 22, 2015 04:52 AM