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wegotdatwood 
Arkansas Fan
Member since Aug 2009
14178 posts
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| Question about Zillow and a home search. (Posted on 1/13/13 at 9:45 pm)
Looking at foreclosures it shows a foreclosure estimate and zestimate.
What's a foreclosure estimate? What I could buy the home for?
Zestimate- What it's worth?
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bryso 
Clemson Fan
The Real Death Valley
Member since Dec 2006
26810 posts
| re: Question about Zillow and a home search. (Posted on 1/13/13 at 10:09 pm to wegotdatwood)
Stuff their formula makes up and has about 0 worth
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Meauxjeaux 
Memphis Fan
I have 91k posts with all my alters
Member since Jun 2005
13370 posts
| re: Question about Zillow and a home search. (Posted on 1/13/13 at 10:35 pm to bryso)
quote:
Stuff their formula makes up and has about -0 worth
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wegotdatwood
Arkansas Fan
Member since Aug 2009
14178 posts
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| re: Question about Zillow and a home search. (Posted on 1/13/13 at 10:46 pm to Meauxjeaux)
Any tips on a house search?
We'll have a net of 5k a month.
Thinking 220k would be the absolute max we could spend?
More comfortable around 170 to 200k.
No kids. (right now)
No debt.
This post was edited on 1/13 at 10:53 pm
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Meauxjeaux
Memphis Fan
I have 91k posts with all my alters
Member since Jun 2005
13370 posts
| re: Question about Zillow and a home search. (Posted on 1/13/13 at 11:52 pm to wegotdatwood)
Are you just looking to buy a house and looking for a great deal?
Best to check the bank REO listings... each bank has their own and there is some group out there that consolidates listings from multiple banks.
Those houses have already been through foreclosure or deed-in-lieu and the bank took pretty much all of the risk out of the deal.
Doing foreclosures direct takes alot of work and alot of knowledge about the risks associated with it.
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wegotdatwood
Arkansas Fan
Member since Aug 2009
14178 posts
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| re: Question about Zillow and a home search. (Posted on 1/13/13 at 11:54 pm to Meauxjeaux)
Looking to buy in 6 months to a year. Want something new (within the last couple years)
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sstig 
LSU Fan
Houston
Member since Oct 2003
1581 posts
| re: Question about Zillow and a home search. (Posted on 1/14/13 at 8:24 am to wegotdatwood)
Find a Realtor that you trust and quit stressing.
Like many things, the money you save will not be the money you you save...
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tigeraddict
LSU Fan
Baton Rouge
Member since Mar 2007
4497 posts
| re: Question about Zillow and a home search. (Posted on 1/14/13 at 8:59 am to wegotdatwood)
Where are you looking to buy? How much do you have to put down/closing costs
You need to figure what you are willing to budget for your Mortgage (Principle/interest/PMI/Insurance/Property taxes)
FHA loan in BR on a $240k house will run you in the range of $1500+/mo
and closing costs very as well
FHA will require 3.5% down, RD loan 0% down but income restrictions and location restrictions, traditional loan 5%+
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wegotdatwood
Arkansas Fan
Member since Aug 2009
14178 posts
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| re: Question about Zillow and a home search. (Posted on 1/14/13 at 9:02 am to tigeraddict)
Looking to buy in NWA. I can get a va loan.
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KG6
LSU Fan
Member since Aug 2009
662 posts
| re: Question about Zillow and a home search. (Posted on 1/14/13 at 9:24 am to wegotdatwood)
Zillow isn't all that accurate. It was about 10-15k low on my house right when I bought it. We had 2 appraisals that much higher than what they were stating in the "Zestimate". It's close enough I guess to get a general feel of how much houses go for in a neighborhood if there isn't a lot of other info, but it's definately not spot on.
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Vols&Shaft83 
Tennessee Fan
Member since Dec 2012
3951 posts
| re: Question about Zillow and a home search. (Posted on 1/14/13 at 9:34 am to Meauxjeaux)
quote:
Are you just looking to buy a house and looking for a great deal?
Best to check the bank REO listings... each bank has their own and there is some group out there that consolidates listings from multiple banks.
Those houses have already been through foreclosure or deed-in-lieu and the bank took pretty much all of the risk out of the deal.
Doing foreclosures direct takes alot of work and alot of knowledge about the risks associated with it.
^^^This. The banks have tons of Real Estate assets they need to get off their books, so you'll get a deal and 9 times out of 10 you'll buy with more than 20% equity built in and avoid PMI. Foreclosures are an incredible amount of work and can be extremely time consuming, even if you know what you're doing.
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tigeraddict
LSU Fan
Baton Rouge
Member since Mar 2007
4497 posts
| re: Question about Zillow and a home search. (Posted on 1/14/13 at 9:48 am to wegotdatwood)
quote:
Looking to buy in NWA. I can get a VA loan.
Not sure what property taxes run there, but VA should be 100% financing so no money down and no PMI requirement. You can find out what the millage rate is for an area and calculate your estimated property taxes. Zillow i thinks gives it as well. but a lot of times its based on when the hose was last sold. so those numbers can be off.
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wiltznucs 
South Florida Fan
Apollo Beach, FL
Member since Sep 2005
4505 posts
| re: Question about Zillow and a home search. (Posted on 1/14/13 at 10:00 am to wegotdatwood)
Zillow's estimates are incredibly inaccurate, particularly in communities where foreclosures have occurred. You cannot put much stock in their estimates in many markets. If you look at communities near mine using Zillow you'd think you can get 2,200+ square foot waterfront ranch style homes with vaulted ceilings, granite countertops, upgraded baths, stainless appliances and the works for $60 a sqft.
This post was edited on 1/14 at 10:02 am
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bryso
Clemson Fan
The Real Death Valley
Member since Dec 2006
26810 posts
| re: Question about Zillow and a home search. (Posted on 1/14/13 at 10:05 am to Vols&Shaft83)
quote:
. The banks have tons of Real Estate assets they need to get off their books, so you'll get a deal and 9 times out of 10 you'll buy with more than 20% equity built in and avoid PMI.
OP, its not always that easy
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BigBoyTiger
LSU Fan
Chicago
Member since Aug 2005
8519 posts
| re: Question about Zillow and a home search. (Posted on 1/14/13 at 10:17 am to bryso)
Are bank owned properties public record?
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bryso
Clemson Fan
The Real Death Valley
Member since Dec 2006
26810 posts
| re: Question about Zillow and a home search. (Posted on 1/14/13 at 10:30 am to BigBoyTiger)
quote:
Are bank owned properties public record?
Not sure what you are asking. But yes when a home is foreclosed on and then goes to bank owned it will be available at the courthouse.. But there isn't a "bank owned property" book down there.. it will require a lot of digging.
the easiest thing to do is what was mentioned above... look on their websites.. and just hope you run across something. but as far as them being better deals that is a common misconception.. the bank is going to try and get the best possible price.. just like any other owner.
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BigBoyTiger
LSU Fan
Chicago
Member since Aug 2005
8519 posts
| re: Question about Zillow and a home search. (Posted on 1/14/13 at 10:43 am to bryso)
Got it. That helps. Just was curious.
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bryso
Clemson Fan
The Real Death Valley
Member since Dec 2006
26810 posts
| re: Question about Zillow and a home search. (Posted on 1/14/13 at 11:16 am to BigBoyTiger)
fwiw if you ever need something looked up in EBR I can help.... just dont abuse me 
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BigBoyTiger
LSU Fan
Chicago
Member since Aug 2005
8519 posts
| re: Question about Zillow and a home search. (Posted on 1/14/13 at 11:49 am to bryso)
quote:
fwiw if you ever need something looked up in EBR I can help.... just dont abuse me
Thanks...but I'm way up in Chicago. I'm just getting starting with investment real estate. I haven't bought anything yet, I'm just trying to formulate a plan.
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bryso
Clemson Fan
The Real Death Valley
Member since Dec 2006
26810 posts
| re: Question about Zillow and a home search. (Posted on 1/14/13 at 12:34 pm to BigBoyTiger)
Multifamily and industrial are the best product types IMO. People will always need a place to live and they will always need a place to work.
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