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Before your 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 a number of similar properties that have sold recently, the appraiser's job is easy. It is more complicated to arrive at the appraised value if your home is located in a rural area or a diverse neighborhood.

The appraised value will usually be very close to the sale price. If the appraisal comes in lower, the real estate agent may be able to provide the appraisers with additional information on recent sales which will result in increased value.

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Debbie Phipps
Keller Williams
56 West Main Street
Newark, DE 19702
Direct: 302-737-6434
Fax: 302-738-4200
debbiephipps@NUMBER1EXPERT.com
dsphipps@aol.com

I have been a Realtor for 23+ years and I am in the Top 3% of all Realtors in New Castle County. I am also the top agent in my office. I have been awarded the prestigious 5 Star Professional Award which was announced in the November issue of the Delaware Today Magazine. I have carefully put together a very high performing team with a vision of customer service driven performance blended with old fashioned hard work and values along with the latest in technology. Each member brings multiple expertises, designations and specialties in our Tri-State marketplace. Always working with their client's best interest in mind, each Team Member dedicates themselves to honesty, integrity and the education of every aspect of their profession.

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