Appraisal Tips from Appraising in Delaware

1. If you are getting an appraisal make sure that any renovations you have been doing are complete. The appraiser will have to deduct the cost to finish those things from the value of your home and many times the lender will not be willing to lend on a home in the process of renovation.

2. If you have a manufactured home, the appraiser will figure it out (hopefully). Make sure to tell your lender that your home is a manufactured home, it will have a HUD plate on the front and rear of the home and you would have received a title with it when you purchased it. If you are
unsure you can contact the assessment office and they can tell you if your home is manufactured. Many lenders will not lend on a manufactured home, so save yourself time and let them know up front. Modular is stick-built and treated as such.

3. If you are looking for a lender, appraisers have very good relationships with them and can make recommendations of people they have worked with that they feel are reputable.

4. Your home should be marketable to receive the highest value. What that means is that if your home is in desperate need of a paint job, new cabinets, minor repairs and carpet cleaning it will age the home in the appraiser's eyes. Other factors go into this but I always tell people that they should approach an appraiser as if they were a potential buyer.

5. Appraisers have to take pictures of the front and exterior of your home, and a good appraiser will also take photos of the interior of your home. Be prepared.

6. An appraiser provides an opinion of the value of your home based on closed sales in your area. Many times a realtor will have approached you with a value to list your home, but that may differ from an appraised value. The appraiser gives a value as of the date of the inspection, a realtor gives a value based on a future date with adequate market exposure and time.

7. Finally, have you heard of Private Mortgage Insurance (PMI)? Many people are paying it and don't even realize it. PMI is sold by the banks to homeowners who have received more than 80% of their loan as a mortgage. If you didn't have 20% to put down on your home, which with the cost of homes today is difficult, then you may be paying PMI and not realize it. PMI is paid monthly, on top of your interest and principle. Many people pay as much as $200 a month extra for PMI. But, there is a silver lining. PMI can be removed if your appraised value is 80% or less. Save yourself some money!

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