But My USAA Credit Card Said My Home Was Worth...

By
Real Estate Agent with RE/MAX Compass, formerly RE/MAX WHP 0524642
https://activerain.com/droplet/4JdD

I have an American Express Credit card with USAA. One of the perks is a free "Home Value Monitoring System." The service is about as useful as a Zillow Zestimate. Basically it's unreliable and should not be used to determine anything.

The value of my home is actually 10% higher than the "VALUE" they have on their website. Like Zillow, USAA and American Express have no access to comparable sales in the state of Texas as we are a non-disclosure state. The guess they provide is simply just that, a guess.


When I called customer service today I asked how they came up with the value of my home. The rep had this to say... "You can call like a Realtor over phone and they'll do it over phone in like five minutes. Hold on, she sayin' it's on the screen, that's how we know."

When I asked who "She" was I was informed it was a loan originator. 3 or 4 minutes later the Loan Originator informed me that the valuation on MY screen was "just an estimate" and that it's a number that comes from the average home sale in my area. 

 

On USAA's website it says this about the evaluation they provided on my homes value...


"What a buyer would pay for your home in today's market."

"Use this as a starting point to determine your available home equity." 

 

Simply put, don't rely on your credit card or any entity that does not have access to the tools and data required to provide the best answers. More importantly, make sure the person who helps you is the local area where you are considering making an offer or selling your home.

Like I mentiond above, the estimation they provided me is off by more than 10%, or $30,000.00. Accuracy matters.

 

 

Posted by

 

 
Greg Nino
, Houston area Realtor®.
Helping residential buyers, sellers and tenants 7 days a week.
Available @ 832-298-8555 

RE/MAX Compass (Formerly RE/MAX WHP)

www.GiveMeMyHomesValue.com

www.EverydayHoustonHomes.Com

 

 

The information contained in this blog is believed to be reliable and while every effort is made to assure that the information is as accurate as possible, the author of this blog, and its comments disclaim any implied warranty or representation about it's accuracy, completeness or appropriateness for any particular purpose. All information is copywritten and the property of Greg Nino.  

 

 

 

 

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John Meussner
Mason-McDuffie Mortgage, Conventional Loans, Jumbo Loans, FHA, 203(k), USDA, VA, - Walnut Creek, CA
#MortgageMadeEasy Walnut Creek, CA 484-680-4852

These marketing companies really need to be regulated into more disclosure, such as an asterisk saying ***our estimates are likely nowhere close to reality

Their misleading consumers can cause so many headaches for everyone.

Sep 15, 2015 03:11 AM #1
Rainmaker
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David Shamansky
US Mortgages - David Shamansky - Highlands Ranch, CO
Creative, Aggressive & 560 FICO - OK, Colorado Mtg

Hey hold on here... you are saying BOTH USAA as well as Zillow are not accurate?

hmmmm I need to digest this a bit more as this is a shocker to me... NOT lol

Sep 15, 2015 03:19 AM #2
Rainmaker
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Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale-Probate & Trust Specialist

Greg,  I recently had a seller client call me and ask me if I know how to do a Zillow printout.  I said No. Why? She was hoping I could help her get a Zillow printout.  I asked why she wanted it. Her divorce attorney wanted it to determine the value of the home.  HOLD ON THERE ... My CMA determines market value ... give that to him. 

Sep 15, 2015 08:09 AM #3
Rainmaker
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Francine Viola
Coldwell Banker Evergreen Olympic Realty, Olympia WA - Olympia, WA
REALTOR®, In Tune with your Real Estate Needs

Why on earth would your credit card company make such an absurd and irresponsible statement as to what your house is worth?!  Gee, maybe I'll start giving out medical 'zestimates' to what ails my clients in my quarterly real estate market report.  It would have the same validity.   

Sep 15, 2015 11:13 AM #4
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Ed Silva
RE/MAX Professionals, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Some people still believe in the power of the dart board or maybe that old magic 8 ball for their real estate answers

Sep 15, 2015 11:44 AM #5
Rainmaker
1,086,267
Greg Nino
RE/MAX Compass, formerly RE/MAX WHP - Houston, TX
Houston, Texas

Kathleen,

That's about as insulting as it gets. As if Zillow is somehow the master of information. They're completely worthless in my opinion.

Sep 16, 2015 12:40 AM #6
Rainmaker
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Greg Nino
RE/MAX Compass, formerly RE/MAX WHP - Houston, TX
Houston, Texas

Francine,

Maybe they have a disclosure somewhere, but I couldn't find it. They're playing with fire in my opinion.

Sep 16, 2015 12:41 AM #7
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Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Bristow, VA

This is a new one for me.  Hadn't heard of this practice before, but I don't do business directly with USAA.  Of course, I'm sure they aren't the only ones using this home evaluation method.

Sep 16, 2015 06:25 AM #8
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Greg Nino

Houston, Texas
Providing Real Estate Advice 7 days a week!
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