It’s all over the web:
The National Community Reinvestment Coalition, a Washington, D.C.-based nonprofit that promotes equal access to credit and capital for underserved communities, has filed a 12-page complaint (PDF) against Zillow with the Federal Trade Commission.
Having obviously been educated at the David Barry school of frivolous real estate complaints, the NCRC alleges that some shady people have conned [or "could con", I'm not sure which] gullible people into doing real estate transactions on the basis of a Zestimate.
It’s not immediately clear whether the NCRC is a) trying to help said gullible people, or b) upset that said shady people are cutting in on NCRC’s turf and making money off Zillow.
- Original claim on NCRC site
- The Bloodhound calls it a shakedown
- The Future of Real Estate Marketing’s take on it
- Sellsius reports
A part of the complaint appears to be that some people take the Zestimate as gospel truth and are harmed if the Zestimate is too high or too low.
So, here’s my modest proposal for Zillow. Change your home page so it says: