Comps from Zillow?

[The Dog]

Called client back and explained my problem. I got a call back telling me that they talked to the appraiser and that the comps were in Zillow!

Any suggestions? If I am being stupid about this, please be kind.

Make sure they verified them with an independent second and third source. Source for verification should be listed in the report.

Zillow in my area is somewhat useful for base data for FSBO sales. But DON'T EVER TRUST WITHOUT VERIFICATION.

MLS, County records, title company, homewoners, realtors are superior sources.

 

[Non Sequitur]

A related thread:

http://appraisersforum.com/showthread.php?t=145106

 

[AnonApprsr]

... or the Post Office. They have never let me down.

Hmmm... I always just call the FD, they usually have the directions down pat. I'd imagine the post office is usually busier and unhappier, haha.

 

[Mike Kennedy]

I was asked to review an appraisal...I cannot verify the comps. The subject property is in a rural area that only recently implemented a 911 system (my GPS can only find Main Street in this community) I called the Commissioner of the Revenue's office and they can't pull data based on the 911 addresses (I searched 4 MLS databases that could have been used for listing purposes).

Called client back and explained my problem. I got a call back telling me that they talked to the appraiser and that the comps were in Zillow!

Am I missing something? The only thing that I can find on Zillow is listings. What kind of resource is Zillow?

Any suggestions? If I am being stupid about this, please be kind.

http://commerce.appraisalfoundation.org/html/USPAP2008/USPAP_folder/standards/Standards_Rule_1_1.htm

In developing a real property appraisal, an appraiser must:
(a)be aware of, understand, and correctly employ those recognized methods and techniques that are necessary to produce a credible appraisal;

SR-3
Appraisal review is the act or process of developing and communicating an opinion about the quality of all or part of the work of another appraiser that was performed as part of an appraisal, appraisal review, or appraisal consulting assignment.

The reviewer’s opinion about quality must encompass the completeness, adequacy, relevance, appropriateness, and reasonableness of the work under review, developed in the context of the requirements applicable to that work.


The above meant as a guide for OP.

Suggestion: Have the CLIENT obtain the Tax ID info on the sales from the appraiser and provide same.


Question: outside of the Commission of Revenue, is there a County Assessor? Can the sales be identified via ROAD/STREET searching?

 

[Non Sequitur]

Mike, I agree but does USPAP cover the "remote" reviewers employed by lenders and AMCs?

 

[cmitchell]

I have seen zillow use listings pulled from the market as comparables. Zillow can be used to locate comps however, first person/public verification is necessary. Is there any narrative about the verification process?

 

[Tom Woolford]

I had a lender send me a reconsideration of value today and presented me with 3 comps they wanted me to consider. One does not exist but shows up in Zillow, and the other two were short (VERY short) sales of vastly superior homes. A little knowldge is a dangerous thing in unskilled hands.................

 

[JENIFFERW]

I think in my area Zillow gets their data from public tax records, which are transfers rather than listings. The problem is that very frequently, the data from public tax records is inaccurate. For example, all foreclosure trustee's sales show up, but their sale price has nothing to do with what the house is worth (it's what they owed to the bank). Also, many properties have inaccurate and/or incomplete data related to characteristics. In addition, most Zillow comps are more dated than what I would have selected from MLS and public records, and in a declining market that equates to too high in most cases.

If it were me doing a field review, I would just pull the comps I thought were best from my regular credible sources (MLS and public records). Describe that the original comps weren't listed in MLS (and/or public records if applicable), that the client told you they were taken from Zillow, and then if you found them listed on Zillow. Describe where Zillow gets their comps from in your area, and their lack of credibility (no detailed characteristics, possibly non-arm's length etc.). Then either agree or disagree with the value. That's really what they want to know.

 

[Workshop]

So everyone in this forum assumes all other data sources are completely accurate. Hmmm...

Why didn't the report disclose source of comparable data? Using Zillow isn't the problem. Using them is no different from using sales from any other source. If in doubt of the information go to the tax property records or the assessors office and confirm the data.

I question why anyone assumes any data source is completely accurate.

 

[appraisalsnorth]

Landsafe reviewers use Zillow all the time----they don't even have the local MLS!

In our area Zillow is so inaccurate its scary and any appraiser that puts any credence into it cannot be considered to be a thorough appraiser in my eyes.

I have a 200 year old single family and Zillow uses the new condo's near me for comps on my house!