Citron Research is a one-man show run by Mr. Andrew Left, whose fraudulent career began with a huge black mark. In 1998, in his first job, Mr. Left was found by the National Futures Association to have: “MADE FALSE AND MISLEADING STATEMENTS TO CHEAT, DEFRAUD OR DECEIVE A CUSTOMER IN VIOLATION OF NFA COMPLIANCE RULES 2-2(a) AND 2-29(a)(1). ” Mr. Left was debarred for three years, among other punishments. This finding can be found on the website of the National Futures Association.
After being debarred, Mr. Left was employed as the President & CEO of Detour Media in 1999. But in February 2002, his company sued him for stealing six checks worth about $25,000. In Detour Media’s official SEC filing, the company alleged Mr. Left’s “fraud and deceit, negligent misrepresentation, breach of fiduciary duty and unlawful monetary conversion.” This legal paperwork, as well as the final judgment (Mr. Left had to pay $26,445.22) can be found on Court orders Mr. Left to pay $26,445.62 for lawsuit (fraud and deceit).
Sounds no worst than Zillow imposing nonsense Zestimate valuations on 100 million homes and refusing all reasonable requests to correct or delete the erroneous valuation by the homeowner. When 17% (almost 20 million) Zestimates are more than 25% incorrect one has to ask the question why Zillow refuse to correct and continue to inflict misery and potential financial damage on millions of homeowners.
Most $3Bn Nasdaq listed companies go to great lengths to demonstrate a socially responsible image and ensure that they operate to the highest ethical standards. What does Zillow think it gains by behaving like a teenage cyber bully and treating homeowners with contempt the way they do? The time has come for AVM companies like Zillow to be Regulated as they cannot be trusted to act fairly towards homeowners. In the same way there is a donotcall website to stop spam 'phone calls there should be a DoNotZestimate website that enables homeowners to opt out of Zillows BS
Another disgruntled homeowner, infuriated by the fact that Zillow undervalues his home, presumably. If 17% of the Zestimates are more than 25% incorrect - not surprising, since they're often based on outdated floor area information, for example - no doubt some err on the high side as well as on the low side. And since they are established as incorrect by sales prices which don't correspond to Zestimates, they obviously don't have that serious an effect on the judgment of buyers. The local real estate brokers are much more accurate in pricing homes than any algorithm. (No, I am not a broker. But if Zillow said that my home was worth $800,000 and three local brokers proposed sales prices between $935,000 and $950,000, I would trust the brokers.)