Delaware Mortgage Loans

When you are applying for a Mortgage Loan you will mostly likely have to get a residential real estate appraisal done by a certified appraiser.  The appraiser will come out to the property to inspect the inside and the outside of the subject property.  The appraiser will take pictures of both the inside and outside of the home.  The appraiser is required to photograph anything that is considered to be a major defect in the property to protect the lender and the borrower.

When the appraiser inspects the property he is making a detailed report of the property so that he can figureout what the fair market value of the property will be.  The property inspection is only the first part of the appraisal.  The appraiser must then go back to his office to research comparable properties to the subject property that have sold in the last 60 days.  The most recent sales are given the most weight because they typically indicate the current market value of the property.

Some home owners get confused and think the list price of house currently for sale indicate the fair market value of the property.  This is often too high a price because realtors will always list a house for more than it is worth so that the seller can Negotiate down to the price they want.

A typical residential appraisal costs between $300 and $350.  If you need an appraisal done in Delaware, feel free to give me a call and I can recommend an appraiser that is very good and gives all my clients a discount.  Instead of paying $350, my clients only pay $245.  Please give me a call at 302-368-7132 Ext. 12.