Zillow.com/Home Equity Loan

Discussion in 'Horn Depot' started by rage-a-holic, Jan 29, 2007.

  1. rage-a-holic

    rage-a-holic 250+ Posts

    How accurate are these guys? I want to get a home equity loan and their estimate of my house seems pretty reasonable. Does the loan agent use these kind of sites or do they just use average home sale prices in the area?
     
  2. Xminus6

    Xminus6 500+ Posts

    i wouldn't base anything off of the values in zillow.com. i've found that their estimates are way off. in fact, when i sold my first house it was undervaluing it by $50k at the exact time when i sold it. but i've also seen it overestimate house values as well based on the sales of the houses around me. it might be something specific about the area where i live that causes it to be off but i've never been that impressed with its estimates.
     
  3. rage-a-holic

    rage-a-holic 250+ Posts

    Who did you get an estimate from?
     
  4. zork

    zork 2,500+ Posts

    An appraiser will cost you about 325 or so. The central appraisal district by county, iirc, can tell you what value your property is appraised. Finding out what recent sales in your surrounding neighborhood and then equalizing for the differences is another game to play.

    To get a loan you will likely pony up for an appraiser. So, speak with the people from whom you wish to get a loan and ask them who they would use to appraise. If it works out to your liking you might be able to use that appriasal in your loan and not have to double pay. but no guarantees there depending on the time it takes from appraisal to loan decision.

    When we sold our house in Austin we interviewed three realtors who gave us presentations. there was a 10k spread on the low and high figure. we put it on the market at the high figure and it had a full price contract in 48 hours.

    So, price is relative to demand of your neighborhood too. No recent sales around you then you might not have a good indication from the comparable sales. Real estate is not a perfectly liquid marketplace.
     
  5. rage-a-holic

    rage-a-holic 250+ Posts

    Thanks Zork. It sounds like I have to throw out some $$$. I don't really want to pay $350+ for a 15k loan but it sounds like I don't have a choice.
     
  6. 90 Grad

    90 Grad 500+ Posts

    rage -

    The place giving you the loan will pay for the appraiser. I just got it done and I wasn't happy with their appraisal so I didn't do the loan (and didn't have to pay for the appraisal.)
     
  7. zork

    zork 2,500+ Posts

    what he is talking about is the loan company was planning on rolling the costs into the loan, likely anyway. It means you will be paying for that appraisal over the life of the loan with a 1/16 or 1/8 higher interest rate to pay for the expenses.

    shop around would be my advice too. there are sometimes widely different rates/fee combinations out there for virtually the same loan.
     

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