I’m doing some quick comparisons and from what I can tell so far by checking out homes in my West Seattle neighborhood, Redfin seems to offer more accurate home value estimates than Zillow’s Zestimates.
Recently a piece that was aired on ABC news about mortgages and was brought to my attention. It’s been a long time since I’ve seen something so misleading and sensational about what consumers should watch for when obtaining a mortgage.
The segment features Erin Lantz from Zillow who claims to have saved a couple thousands of dollars on their home mortgage. Erin is Zillow’s Director of Mortgage Business and prior to Zillow, her lending career was at Countrywide and Bank of America, during the subrime era.
Today President Obama answered questions submitted by social media savvy Americans which was moderated by Zillow CEO, Spencer Rascoff. It seemed to me the most common questions were concerning HARP 3.0. HARP 3.0 (Home Affordable Refinance Program) is currently a hypothetical expanded version of HARP 2.0 and would allow for more home owners, including those in Washington state, to refinance their homes at present low rates.
Here’s your opportunity to ask President Obama your question related to housing, including mortgages. Are you wondering why we don’t have HARP 3.0 yet? Or perhaps why HUD does not allow an FHA streamline refi to a shorter term if it increases the payment (even if the borrowers qualify for the increased payment)? Maybe you’re wondering why would bank and credit union loan officers only be registered and held to the same standards as a licensed loan officer?
Zillow has added a “foreclosure center” where you can search for foreclosed homes in your neighborhood. The search includes bank owned homes (REO) and pre-foreclosures (a home that is getting to auction).
Here’s a snap shot of what Zillow is showing as current foreclosures in West Seattle. The red houses are foreclosures and the blue houses are pre-foreclosures.