When you are applying for a Mortgage Loan you will most 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 figure out 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 homeowners get confused and think the list price of the 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 about $399 for a conventional loan. If you are getting an FHA loan then you will need to have an FHA appraisal done which is $450. A VA loan requires the appraisal to be ordered through VA and it costs $375.

If you would like to apply for a Delaware Home Loan, you can APPLY ONLINE HERE, you can call John R. Thomas at 302-703-0727.

John R. Thomas – NMLS 38783

Certified Mortgage Planner – Primary Residential Mortgage, Inc.

302-703-0727 DE Office / 610-906-3109 PA Office / 410-412-3319 MD Office

248 E Chestnut Hill Rd, Newark, DE 19713