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Another Zillow Lawsuit

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Ida S. Romo

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Illinois
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timd354

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"Class Action Suit Aims to End Zestimates in Illinois"

Thanks to NAIFA Chicago Chapter for providing the original link to the "Crains Chicago Business" article (requires sign in to read) .... Link below does not require sign in to read ...

http://www.chicagotribune.com/business/ct-zillow-class-action-0523-biz-20170523-story.html
It is another lawsuit filed by the same lawyer/plaintiff who file the other lawsuit. No matter what one's view of Zillow is, these lawsuits have approximately zero chance of success.
 

Eli

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timd354

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Certified Residential Appraiser
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Sometimes winning comes through publicity.
In that case, it is probably a win for Zillow then since the first thing that many people who read the articles about this lawsuit are likely to do is to go to Zillow's website and see what their property value estimate, resulting increased web traffic on Zillow's web site which is what it is all about in the digital age.
 

Eli

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Certified General Appraiser
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In that case, it is probably a win for Zillow then since the first thing that many people who read the articles about this lawsuit are likely to do is to go to Zillow's website and see what their property value estimate, resulting increased web traffic on Zillow's web site which is what it is all about in the digital age.

You should watch this if you haven't already. I know you would like things to stay status quo. My best advice to you is forget about things staying status quo.

 

timd354

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You should watch this if you haven't already. I know you would like things to stay status quo. My best advice to you is forget about things staying status quo.
I really could not care less about Zillow one way or another. If they cease to exist tomorrow, that does not have any effect on me or my company. In any case, the lawsuits filed against Zillow are going nowhere in my opinion.

Regarding things staying status quo, things always change and I always adapt to those changes so I am not worried about any coming changes.
 

Eli

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May 12, 2007
Professional Status
Certified General Appraiser
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Tennessee
I really could not care less about Zillow one way or another. If they cease to exist tomorrow, that does not have any effect on me or my company. In any case, the lawsuits filed against Zillow are going nowhere in my opinion.

Regarding things staying status quo, things always change and I always adapt to those changes so I am not worried about any coming changes.

Do you underwrite or insure any loans with Zillow or bpos, or avm's? You should care if you do. In some states for sure.

I am not even going to belittle these lawsuits. I'm telling you change is happening.

There is no way all states will jive on these issues and AMC regs when in full effect will have more and more impact.
 

Eli

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These lawsuits have the ability to sway public opinion. Period.

The guy being interviewed on the voice of appraisal said in Canada that a court in Canada will not even let a BPO or an avm be admitted for evidence.
 

Ida S. Romo

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Joined
Oct 13, 2002
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Certified Residential Appraiser
State
Illinois
These lawsuits have the ability to sway public opinion. Period.

The guy being interviewed on the voice of appraisal said in Canada that a court in Canada will not even let a BPO or an avm be admitted for evidence.

Ross Kay's interview was excellent .... Thanks for posting the video Eli.
 
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timd354

Elite Member
Joined
Jan 11, 2008
Professional Status
Certified Residential Appraiser
State
Maryland
Do you underwrite or insure any loans with Zillow or bpos, or avm's? You should care if you do. In some states for sure.

I am not even going to belittle these lawsuits. I'm telling you change is happening.

There is no way all states will jive on these issues and AMC regs when in full effect will have more and more impact.
To answer your question, no we do not use Zillow, bpos or AVM's in place of appraisals to underwrite the loans that we insure. We do use BPO's and AVM's in our QA process along with review appraisals and we do use AVM's in our underwriting process to help evaluate appraisals in some cases.

Thus, as I stated before, Zillow is of no concern to me.
 
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