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Not a licensed realtor but ...
An estimate is just that..... an estimate (or guess).
They typically base it on what other similar houses in the immediate area have sold for..... condition be damned
In other words .... it is just a guess when they say "estimate", but it gives you a good ballpark figure when adding or subtracting for "condition"
IE: They "estimated" a house down the street at 300K, but it sold to an investor for 175K as it had holes in the drywall everywhere and the basement was flooded from a pipe break...
An estimate is just that..... an estimate (or guess).
They typically base it on what other similar houses in the immediate area have sold for..... condition be damned
In other words .... it is just a guess when they say "estimate", but it gives you a good ballpark figure when adding or subtracting for "condition"
IE: They "estimated" a house down the street at 300K, but it sold to an investor for 175K as it had holes in the drywall everywhere and the basement was flooded from a pipe break...