It’s one of the most dreaded parts of any Wilmington, DE real estate transaction. The appraisal is a cause of anxiety for many people who are looking to buy or sell a home. Although they can oftentimes be a more irritating part of any real estate transaction, an appraisal is necessary for determining the value of a home. Even the most seasoned Wilmington, DE homebuyers or sellers have most likely experienced issues with an appraisal. They’re ever-changing due to changes in the law, and there isn’t a whole lot you can do about it. You just have to be cooperative and be as prepared as possible for the process.

As a Wilmington, DE real estate agent, I have been through my fair share of appraisals. I use my knowledge and experience of the local real estate market to prepare my clients for what they can expect during this phase of their transaction. Along the way, I have discovered that there about five things that buyers and sellers should know before going through an appraisal on their Wilmington, DE home:

Appraisals may take longer than you think. Many home buyers and sellers think that appraisals take a couple of days, but in reality, they could take a couple of weeks. This is due to appraisal laws that state that your mortgage broker can’t hire their own appraiser. Instead, a third party appraisal management company has to be brought in. The involvement of another party may slow down the appraisal process, but it also ensures that you’re getting an accurate value on your home, as they don’t feel the need to please the mortgage companies with their estimate.

They cost a lot of money. Appraisals can cost several hundred dollars. The average price can range from $400-$500, due to the inclusion of a third party in the process. This is an expense that many home sellers and buyers in the Wilmington, DE area don’t take into account during the transaction, and it’s an important one. The extra $500 could make a difference, so make sure that you plan for it financially.

The outcome could be frustrating, and you need to be prepared. While the appraisal is an incredibly important part of a real estate transaction, it can also be frustrating, as the outcome typically benefits either the buyer OR the seller, not both. If the price is a bit higher than it should be, according to the appraiser, then that obviously benefits the seller. Similarly, a lower appraisal estimate would benefit the buyers more than the sellers. As a Wilmington, DE home buyer or seller, it’s important to be prepared for either outcome and factor that in to your decisions about the transaction.

Sellers should be involved in the appraisal process. Don’t work in your garden or catch up on your errands when the appraiser comes to your home. Make it clear that you’re going to be present from start to finish to answer any questions that they may have about the home. Let the appraiser know of any upgrades or repairs, and be sure to point out details that you think may add worth to your home. Features such as granite countertops can often be missed by appraisers, and they can add value, so you’re going to want to make sure that those little details are accounted for.

Be aware of the rules. Contrary to popular belief, appraisers are allowed to speak to your Wilmington, DE real estate agent. It’s also required that your appraiser be familiar with your area so that they can put the most accurate value on your home. Being aware of these things ahead of time will help you catch any red flags that could come up, such as bringing in an appraiser that is unfamiliar with your neighborhood.

As a Wilmington, DE homebuyer or seller, preparedness is the best way to ensure that your appraisal goes as smoothly as possible. These five tips will help you know what to expect from the process, and it lets you know what aggravations may come your way ahead of time. While the appraisal is possibly one of the least-desirable parts of a real estate transaction, it is also a necessary one. My many years of experience as a Wilmington, DE real estate agent has allowed me to gain the knowledge needed to fully prepare my clients for this aspect of their transaction.

If you have any questions about the Wilmington, DE real estate market, please don’t hesitate to contact me. I’d love to help you out in any way I can. I hope to hear from you soon! Have a great day.

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
Visit My Website
Contact Me
Find me on Facebook
Follow me on Twitter