Please Flag this under: Hilarity... Countrywide Loss Mit uses ZILLOW

By
Education & Training with HD Realty

I was on the phone with a mitigator at Countrywide, discussing 2 of the listings I have that they are the lender on.  I was trying to be sly and find out what the BPO had come in at (they wouldn't tell me, so I was trying to ask different hi/low questions to get a hint.) and get a guage on how acceptable the offers I had submitted were.

I was just about to give up when he said: "We use Zillow to value homes, how is your offer compared to Zillow?"

I couldn't control myself, Bad Andy had taken over and blurted out: "You've go to be kidding!"

oops, remove foot from mouth and try to regain control of the conversation...

I pulled zillow.com really quick and told him that Zillow was way off... it said the value was over $300,000, and I've had the houses on the market for almost 6 months, starting at 279, then 269, then 259, and then 239.  Since day one I've been getting offers between 180-220. 

$300,000 my butt!

This is the intelligence level of the people we're up against!  If someone at Countrywide would sit down and compare 10, yes, just 10 of their recently sold REO properties to what Zillow SAID they were worth, they'd probably see that Zillow is nowhere close to reality.

 

Andy's Billion $ bank bailout:

According to RealtyTrac.com, in the month of February there were 290,631 foreclosure filings in the US.

If a lender rep pulled a Zillow on each of them, they spent over $363,000  in February alone...here's how:

290,631 X 5 minutes = 1,453,155 minutes spent on Zillow / 60 minutes = 24,219.25 hours.

Even if the average mitigator makes $10/hour, when you add in taxes and bene's it's about $15.

24,219.25 hours x $15/hour = $363,288.75 in wages to search the totally useless Zillow site. 

and that's not even counting office space, desks, telephone lines, computers, internet access, etc!

 

Hey Countrywide, if you (or any other lenders) are reading this... What buyers are willing to pay in the open market is the value of the house!  We just want to make your job easier and not have the buyer, seller, you, and I wasting a bunch of time!  (by the way, we've had this FULL FILE in at countrywide since December 2nd!  Still no answer!)

Thanks for listening to my rant.

Andy

p.s. Seriously, hit the little red flag by the "comments" section and flag this under "hilarity", I know it's not really funny, but "imbecility" was not a category to choose from!

p.p.s. To subscribe to my weekly e-zine, visit www.AndyTolbert.com

 

 

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Re-Bloggged 6 times:

Re-Blogged By Re-Blogged At
  1. Donald Bradbury 03/16/2009 07:53 PM
  2. Beth Thoma Robinson 03/17/2009 08:04 PM
  3. Sheri Moritz 03/18/2009 07:02 AM
  4. Steve Facella 03/18/2009 09:34 AM
  5. Fernando Herboso - Broker for Maxus Realty Group 10/19/2009 05:48 AM
  6. Michael Dougherty Doris Prenninger 11/21/2009 08:34 AM
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Topic:
Real Estate Sales and Marketing
Groups:
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Rainmaker
187,912
Christina ONeal
Realtor - Ripon California
At Home Real Estate Group

That is unbelievably crazy!!!! I am going to zillow.com right now to see what value they think one of my current short sales is.  Thanks for the scary tip :)

April 09, 2010 09:49 AM
Rainmaker
187,912
Christina ONeal
Realtor - Ripon California
At Home Real Estate Group

Oh my, zillow has mine at $216k & they are selling in the area from $170k-200k (NUTS)

April 09, 2010 09:53 AM
Rainer
10,345
Perri Cauley
Mortgage Resource Plus, Inc.

What banks are doing absolutely amaze me.  They are so disconnected from the real Reat Estate market it is a wonder anything gets closed.  Zillow is so far off base both high and low that is should not even be a factor in the process.  Why do we need AMC for appraisals now save the buyer money and just pull up Zillow.....incredible!

April 26, 2010 01:37 PM
Rainmaker
645,151
Team Honeycutt
Allen Tate

You're right, this should be filed under hilarity for sure. Maybe also, "You've got to be kidding me".

Thanks for the post as sad as it was.

Margaret

August 18, 2010 05:39 PM
Rainmaker
529,728
Ginger Harper
Your Southport~Oak Island Agent!
Coldwell Banker Sea Coast Advantage

I try to stay away from CountyWide if I possibly can. When are they going to learn..

November 15, 2012 01:39 PM
Anonymous
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Andy Tolbert

Orlando Waterfront Homes for Sale
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