Zillow gets it wrong again...
If only more home sellers and home buyers would comprehend that Zillow is a fun toy, not a true real estate tool. Yes they do use home sale data in their "proprietary formula"-but check their own statistics in your area. In my area, they admit they are within 20% of the eventual price - and that's a 40% range of 20% UP or 20% DOWN.
Imagine my surprise when this notice of a Pre-Foreclosure was emailed to me earlier today. According to the public records it says, this property is in pre-foreclosure! WRONG!!! Yup, Zillow get's it wrong again!
This property was sold by Global Property Systems, I was the listing agent - Titles Transferred 12/6/2016. As a normal sale, NOT even a Short Sale! It had multiple bids and an accepted offer in 10 days after going to a highest and best round of offers.
$20K above listing price to boot....
I can only imagine how angry the new owners will be when they are shown this information on Zillow.
I thought you might like to share this with your clients as a warning that not everything they see on Zillow is fact, in fact more like fiction!
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