Before a mortgage application is approved, the lender will order a professional appraisal of the home to make sure that the agreed-upon selling price is justifiable based on the current market value of the property.
The cost of the appraisal will be based on the complexity of the appraisal report and the time required to complete it.
A professional appraiser will choose the appraisal technique that is applicable to the particular property to arrive at an unbiased opinion of value. One approach is to look at comparable homes in the area that have sold within the last six months. If there are several similar properties that have sold recently, the appraiser's job is easier. It is more complicated to arrive at the appraised value if the home is located in a rural area or a neighborhood that has not had much turnover.
The appraised value will usually be very close to the sale price, but that is not guaranteed. I always meet with appraisers on my listings with comparable sales in hand. If a listing agent does not meet with the appraiser and the amount comes in lower, when the agent provides the appraiser with comparable sales attempting to remedy the situation afterwards, it is less likely an appraiser will adjust to an increased value at that time. It is also very helpful to be present in case there are any questions in regard to the property while the appraiser is there.
Call me with any questions you may have.
For more information, contact Bill Cullin today!
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Bill Cullin
Your Real Estate Source at the Delaware Beaches
Call or Text: (302) 841-7147
Toll Free: (800) GO-BEACH, Ext 27117
Email: Bill.Cullin@LNF.com
Websites:
DelawareBeachRE.com
TheHenlopen.com
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ACCREDITATIONS & AWARDS:
*2023-17th Consecutive Year: Top Producing Agent at Long & Foster’s Rehoboth Beach Office
*2023-4th Consecutive Year: Overall Top Producing Individual Agent in Delaware at Long & Foster
*2023-4th Consecutive Year: Member of the Long & Foster’s Gold Team Master Club Level, with sales volume of over $20-35 million
*2023-Resort and Second Home Property Specialist Designation Earned
*2023-10th Consecutive Year: Five Star Professional Award-Winning Sales Agent
*2022-3rd Consecutive Year: Recognized within Top 20 Agents in Delaware according to RealTrends
*2022-13th Consecutive Year: “Zillow.com 5 Star Professional”, with “Best of Zillow” designation awarded in 2019
Long & Foster Real Estate, Inc.
37156 Rehoboth Avenue Ext, Suite 5
Rehoboth Beach, Delaware 19971
Office: 302-227-2541, Ext 27117
