Comment

Comment by Kevin Vitali on March 16, 2011 at 1:01am

In general the AVM model is very inaccurate whether its Zillow or some other system and should not be used to determine value.

Comment by Jeff Corporon on March 15, 2011 at 1:08pm

Bryant,

 

Thanks I will call you and let you know what he says.

Comment by Bryant Tutas on March 15, 2011 at 12:28am

Ok I see what you are saying. You are referring to the value of the property. Contact Darrell Powell at (405) 609-8420

Darrell works for HUD and is a member of this site. He has offered to help any of our members with HUD issues. Not following FHA PFS rules is not an option for the servicer. GMAC needs to be reported.

 

Comment by Jeff Corporon on March 14, 2011 at 1:53pm

Bryant, I agree with you, but GMAC has their own internal policies that contradict with PFS guidelines.  The negotiator said they will not even consider a PFS (or any other short sale) if there is not an offer submitted 30 days prior to the sale date.  This GMAC policy flies in the face of the letter and intent of the PFS program.  To add insult to injury, "GMAC will not allow a property into the PFS program unless the offer is close to the Zillow estimate."  Again, GMAC's policy contradicts HUD guidelines because PFS requires a full blown FHA appraisal to determine the value of the subject property.

 

I am just curious if anyone else has had issues with GMAC.

Comment by Michele Peterson on March 14, 2011 at 1:43pm

Zillow itself states that some pricing may be as much as 50% off on their website.

Why would anyone use that to validate a price or a short sale?

Comment by Bryant Tutas on March 14, 2011 at 1:08pm

Jeff. What would Zillow have to do with it? If the loan is FHA then it MUST be handled as a HUD PFS. If it's not FHA then it doesn' qualify. This is pretty black and white. There is nothing Zillow could add to the equation