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Updated over 9 years ago on . Most recent reply

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24
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1
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Robert Fisher
  • Professional
  • Alameda, CA
1
Votes |
24
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Zestimate is 50% of asking price. Can I use zestimate to make an offer?

Robert Fisher
  • Professional
  • Alameda, CA
Posted

I am looking at a property where the zestimate is almost 50% of the asking price (517K vs. 995K).  I understand zestimate is perhaps the result of some robotic formula calculation; but it has to be based on something right?  If I make an offer based on the zestimate price (meaning close to that price), will the seller/selling agent get offended?  I really would love to get it at 517K..... =)

Most Popular Reply

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45
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26
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Geoffrey Hoffman
  • Real Estate Agent from Cleveland, OH
  • Cleveland, OH
26
Votes |
45
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Geoffrey Hoffman
  • Real Estate Agent from Cleveland, OH
  • Cleveland, OH
Replied

If the Zestimate is the only reason you are offering half price, then yes they might get offended because a Zestimate is usually wrong.  Sometimes close, and sometimes crazy out of your mind ridiculously wrong.  Zillow does not know anything about the house except for what is in public record.  That fantastic $100,000 kitchen???  Zillow doesn't care.  New roof??? So what.  Basement is now finished with a media room and indoor pool??? Zillow doesn't know it exists.

I suggest you pull comps for the house in question.  Are they close to the asking price?

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