Don't Trust Everything You See Online

Piggybacking off of the last section…

 

One of the things we often hear from buyers is that they came across a great deal on Zillow or some other online site.

 

They see a home that looks like it’s for sale and at a ridiculous price. It usually turns out that it is a “pre-foreclosure”, and the site is indicating how much is owed.

 

More often than not, these homes are a long way from actually being foreclosed. Many never will be foreclosed. And even if they are foreclosed, the bank will not likely let someone else scoop it up for such a sweetheart deal. Instead, they’ll buy it back and then put it on the market for a higher price.

 

So don’t get too excited when you see that sort of thing online.

 

In fact, don’t be surprised if you find many homes on these sites that aren’t actually for sale at all. Many times they show homes that were sold and closed some time ago.

 

On another level, also don’t put too much stock in any website’s online estimate of value. Do not base your perception of market values on any of these. They are typically highly inaccurate.

 

So, when it comes time to decide on how much to offer for a home you like, don’t rely on any online estimate of value.