Wells Realty and Appraisals

09/11/2024

Just a thought-those of you who are Realtors working in the Kent County, DE market, check the Kent County site to confirm your Real Estate Taxes. Do not rely on the Realist information provided in BrightMLS. Bright is only showing the taxes through 2023. Kent County has completed their assessment, and the taxes have increase in some cases 80-100%.

08/15/2023

Now Priced at $409,900 with $5,000 Credit Towards Closing Costs!
Feature rich Contemporary with finished basement located near Canterbury; convenient to Felton, Camden, and Magnolia, off Irish Hill Road. Located in Pinehurst Village, this 2-story design has an open floorplan on the main level. The granite countered kitchen has a breakfast bar overlooking the family room, complete with gas fireplace and LVP flooring. The kitchen has tile floors, room for a dinette table next to the sliding door, which overlooks the freshly painted rear deck and fenced back yard. The 9ft ceilings & tall foyer give the main level an airy feel upon entry. A Glance left reveals the Dining area with hardwo...

Click here for details:
https://www.remax.com/DE/FELTON/home-details/111-BELFRY-DR-FELTON-DE-19943/2178355301112116889/M00000309/DEKT2020320

05/31/2023

Just an FYI

The state of Delaware is requiring the counties to reassess all properties. This is happening now.

The difference between an assessor checking out your property for assessment purposes and an appraiser using your property for a comparable sale (comp) is that the assessor will come on your property and take photos, measurement, etc. and a Real Estate Appraiser will only take photos of your property from the street and unless it is a unique property it is typically limited to properties that have sold within 12 months of when the photo is taken.

An appraiser will only come on your property to take photos, if the property is being appraised for a sale, refinance or foreclosure. And only after making an appointment with the Realtor or owner of the property.

You should always request identification from the person showing up on your property. Some lenders are sending out data collectors. The data collectors do not have to be licensed, which means it can be anyone.

As an appraiser, I would ask all Realtors to explain to your buyers and sellers that this is a process that happens all the time.

05/17/2023

PLEASE, listing agents, allow appraisers to make the appraisal appointment on ShowingTime. It’s just one box to check in your ShowingTime settings to allow appraisal appointments.

ShowingTime is a great tool, not only for the agents, but for the appraisers too!
If the appraiser can make the appraisal inspection through ShowingTime, there is an online trail that the inspection has been scheduled and approved.
As an appraiser, the only times the sellers were not aware that the appraisal inspection was scheduled was when I had to go directly through the agent. I understand that everyone gets busy, but when we show up for our scheduled appraisal inspection and the seller’s first reaction is that they didn’t know we were coming, it looks bad on both the listing agent and the appraiser.

So, PLEASE, listing agents allow appraisers to make the appraisal appointments on ShowingTime. It will help all of us in the process.

04/20/2023

After having questions asked about condition ranking, I am posting the definition guidelines that the appraisers are supposed to follow according to the powers to be…

UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM
(Source: Fannie Mae UAD Appendix D: UAD Field-Specific Standardization Requirements)
Condition Ratings and Definitions
C1
The improvements have been very recently constructed and have not previously been occupied. The entire structure and all components are new and the dwelling features no physical depreciation.*
*Note: Newly constructed improvements that feature recycled materials and/or components can be considered new dwellings provided that the dwelling is placed on a 100% new foundation and the recycled materials and the recycled components have been rehabilitated/re-manufactured into like-new condition. Recently constructed improvements that have not been previously occupied are not considered “new” if they have any significant physical depreciation (i.e., newly constructed dwellings that have been vacant for an extended period of time without adequate maintenance or upkeep).
C2
The improvements feature no deferred maintenance, little or no physical depreciation, and require no repairs. Virtually all building components are new or have been recently repaired, refinished, or rehabilitated. All outdated components and finishes have been updated and/or replaced with components that meet current standards. Dwellings in this category either are almost new or have been recently completely renovated and are similar in condition to new construction.
C3
The improvements are well maintained and feature limited physical depreciation due to normal wear and tear. Some components, but not every major building component, may be updated or recently rehabilitated. The structure has been well maintained.
C4
The improvements feature some minor deferred maintenance and physical deterioration due to normal wear and tear. The dwelling has been adequately maintained and requires only minimal repairs to building components/mechanical systems and cosmetic repairs. All major building components have been adequately maintained and are functionally adequate.
C5
The improvements feature obvious deferred maintenance and are in need of some significant repairs. Some building components need repairs, rehabilitation, or updating. The functional utility and overall livability is somewhat diminished due to condition, but the dwelling remains useable and functional as a residence.
C6
The improvements have substantial damage or deferred maintenance with deficiencies or defects that are severe enough to affect the safety, soundness, or structural integrity of the improvements. The improvements are in need of substantial repairs and rehabilitation, including many or most major components.

04/18/2023

Make sure that the person doing the appraisal inspection is actually an appraiser!

11/02/2022

Real Estate NewsSales and Marketing
The Appraiser's Role Isn't to Kill Your Deal

This is the link to the above article in the NAR Magazine. It does a great job explaining the Appraiser's job and what Realtors can do to help the appraiser.
https://www.nar.realtor/magazine/real-estate-news/sales-marketing/the-appraisers-role-isnt-to-kill-your-deal?utm_term=F9255EEF-5929-489F-B596-F5ADF6D92FBF&utm_campaign=3BFA9068-DFBC-477B-BC94-C168B9A999F1&nwsltr=navnar&utm_content=12F389ED-482D-4FAD-8EB3-F41E1C94CE52&fbclid=IwAR1Ejca3tvxvjYNtJRMnD2beQbG6BSPbwPVDEkGV7toJLzm5krk4GRi4eXs

Appraisers start from a high bar before they can take on their own assignments, but agents can still play a role in helping them determine valuations accurately.

03/18/2022

FNMA is introducing a new product for appraising houses. It is called a desktop appraisal.
I’m not sure of all the details, based on what I’ve read about the process and the appraisers I’ve talked to or have read information from, some things that are concerning is that a third party will do the inspection, take pictures, do a floor plan and take notes. This info is sent to an appraiser. The appraiser looks it over and determines if it is adequate to complete the valuation.

Here’s where the problem starts. If the information is not adequate, poor quality pictures, etc, the appraiser tells the lender they need to change it to a full appraisal. This will cause a delay in the process. If it is adequate, what happens when the “inspector “ reports the floors as vinyl when in fact the floors are upgraded, Tile, LVP or Wood. What about the upgraded kitchen? Or the tray or coffered ceiling that aren’t in the pictures? What about the soft floor under the vinyl in the baths. Or the mold like growth in the basement that was overlooked. Or…
The value conclusion on the appraisal could be off thousands of dollars due to inaccurate information provided by the “inspector”.

Is this product the best for the lender?How about the buyer who overpays?
Or the seller who has to renegotiate because the quality was reported wrong?

We the appraisers and Realtors need to be aware and educate our clients.

One final warning. Be sure of who is entering the property. Appraisers are licensed through the state. These inspectors are not required to be licensed or background checked.

05/30/2021

Nicely updated rancher located in Shawnee Acres II. Large fenced in backyard. Large Rear deck and concrete patio. Bright kitchen adjourns dining area, off the living room. Split bedroom floor plan. Skylights in both bathrooms. Easy access to Route 1 and close to resort beaches.

04/07/2021

Keep your energy costs down by not believing these common myths about saving energy at home. Make sure you're on the right track.