Belt Auction

Yahoo Real Estate coming up with "magic" sales price?

I'm an agent in Texas. I showed a client a home that is being foreclosed on listed at $209,900. That same home came up on Yahoo Real Estate under "foreclosures". It said the home will sell for $189,910 (or something close to that). What crystal ball are they using? The actual loan was orginally around $147,000. Do they have access to something with the banks?

Public Comments

1. Good stuff! LOL. Unfortunately, the general public takes what they read as being accurate. Take a look at Zillow for your marketplace. You'll find the Zestimates to be totally out of whack too! It just makes our job that much more important to educate our consumers.
2. Most websites that give estimated values for homes use the current tax assessment tax base in the area if current within 2-3 years and recent selling prices for similar square footage homes in general area but not necessarily in same subdivision. Most knowledgeable real estate brokers know this and to be successful have to be able to educate their buyers and sellers.