Where would Fifth Third get the market value??

[baker21]

Fifth Third sent my attorney a reaffirmation agreement with a market value of our home that does not make sense. Let me first say we are not planning on reaffirming, but I was looking at the agreement and they have our home value listed at $252k. I wish! I know Zillow isn't spot-on either, but they have it at $196k which is much more realistic. Where would Fifth Third get their numbers and do they know something we don't?

Just curious what others have experienced.

[Drazil65]

A perfect example of the mess the banks contributed to with the inflated values (appraisals) of the homes in this country. The value of your home is exactly what someone would buy it for in todays market. I am sure you can figure out, based on what has sold in the area similar to your home, what your market is calling for.

Amazing the banks are still walking around trying to convince the public everything is ok with the housing market. Like the old story about the emperor that walked around naked but acted like and told people he had clothes on, everyone saw he was naked but did not want to do against the all mighty emperor, so just agreed. Tell the public often enough that the housing market is doing just fine, hide the foreclosure inventory by not foreclosing on everything they have in waiting and perhaps they will start falling for it, not this time!

[baker21]

That's a great analogy!

No, it definitely wouldn't sell for that price. Closer to 190-195k and that's being optimistic in Florida. I really want to question them on it to see what their response is. But I probably won't get one

[tobee43]

i used to hate zillow and was so surprised when some of the banks were using them to evaluate a home. but now, i see most times they are using comps that sold in your area. and baker21, your right this is florida and it's a bit nuts. i know one home in our sub division that sold for very high, that was an absolute freak thing and now some of the people that are trying to short sale the bank is using ONLy that house as their comp! unreal, that house we think was bank owned and the bank let someone buy it for that amount since it's the same as ours EXCEPT it has a septic and is 10 years older needs work and NO way did it sell or actually it did, but something is fishy, for the amount it sold for. so peronally, i think the banks may be running the entire game about values.