Real Estate Investor · Champaign, IL · Member since 2012 · 30 posts · 1 vote
I'm looking various properties to potentially place bids on. However, I'm noticing a large disparity between the Eppraisal and Zillow values are some of the properties. Here's an example below...
Eppraisal: $60,456
Zillow: $16,800
How should I interpret this information. The list price for the property is $10,800 and in the auction phase (if that makes any difference).
Would this be worth going after at all? Why or why not?
Get access to the MLS or to someone who has access to the MLS, and find your own comps. This is the most reliable way to determine resale value (and appraisal value, which is just as important these days) if you don't have a thorough knowledge of an area.
Get access to the MLS or to someone who has access to the MLS, and find your own comps. This is the most reliable way to determine resale value (and appraisal value, which is just as important these days) if you don't have a thorough knowledge of an area.
Get access to MLS, or find an appraiser to do comp-outs for you for a small fee. A good one will tell you not only what the low/high sale prices are, but can project near-future retail selling price, and can often tell you about topographical issues (Xways, RRs). If priced under market, might be some structural issue. Zillow is generic ballpark, but won't typically take into consideration the freeway next door or the golf course across the Street, or any views. BPOs are worthless b/c most are done by inexperienced newbies trying to make a few $$, or by unlicensed surrogates of busy agents.