Kiyoko Fujimura
Buzzbuzzhome Corp.
March 9, 2010

Information, misinformation, disinformation — is that last one a type of information? I feel like I’ve come across it…

Anyway, today’s real estate market is increasingly taking down the information barriers, but they’ve also thrown in some red herrings that make the search a bit more difficult.

1. Fake or highly misleading pictures– Ever checked out a place that seemed to have “charming street appeal” that didn’t check out in the flesh? Lots of angles can be misleading.

REMEDY: Use google streetview and maps!

2. Dubious valuations of homes– Getting appraisals online can sometimes be difficult and misleading.

[Y]ou can’t always trust the numbers on home valuation sites such as Zillow, CyberHomes and…I’d estimate the house is worth between $1.2 and $1.4 million. Zillow’s “Zestimate” (a calculation also used by was $943,000; CyberHomes suggested a range of $960,000 to $1.2 million and went with $788,036. Moneywatch

REMEDY: Try to go offline to get an appraisal done so that every detail of the house can be considered.

3. Mortgage rates YOU can’t get– Rates posted online often assume a certain size of down payment or credit history.

REMEDY: Go to a trusted mortgage broker or banker and get a quote that is customized to your financial situation.

4. Misleading Property Descriptions– You can’t believe everything you read! An ad could claim to have a “beautiful balcony”, but that balcony faces onto a wall.

REMEDY: Do it the old fashioned way! Check the place out for yourself or call the agent (they’re more likely to be forthcoming if they’re talking to an actual person).

Developments featured in this article

More Like This

Facebook Chatter