Q:  What is an appraisal?
A:  A real estate appraisal is simply an unbiased opinion of the value of specified rights or interests in real estate, by a qualified individual.

Q:  What types of appraisal services does Louisville Appraisals provide?
A:  Louisville Appraisals provides valuation services of all types from one to four family residential real estate properties. Our appraisers are qualified to provide appraisals for first and second mortgage lending, and limited scope assignments including inspections, exterior-only inspections, appraisals for real estate owned and foreclosure purposes.

Q:  What qualifications are appraisers required to have?
A:  Kentucky requires that all real estate appraisers be state licensed or certified and have fulfilled education and experience requirements.  They must adhere to strict industry standards and a professional code of ethics as promulgated by the Appraisal Foundation. 

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Q:  What factors does the appraiser consider when appraising a property?
A:  The appraiser looks at a number of aspects of the property to estimate value.  Style, age, overall condition, square footage, quality of construction and other factors that influence marketability, such as; neighborhood, location, proximity to schools, zoning, recent sales, design, floor plan, etc.  

Q:  How can I prepare for the appraiser?
A: 

	Make yourself available to meet the appraiser at any time
	Have a copy of the survey of the property
	Have original plans and specifications if available
	Have a list of recent improvements & the costs
	Give additional information you feel is pertinent

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Q:  What's included in a typical appraisal report?
A:  In addition to the main appraisal reporting forms which contain information on, and analyses of the subject property, neighborhood and market, there are typically many attached exhibits.  Depending upon the level of the report and inspection, these include:

	Pictures of the subject property and comparable sales.
	A detailed sketch of the subject property that is used to calculate square footage and show the  functionality of the floor plan.
	A location map with the locations of the subject property in relation to the comparable sales utilized in the report.
	A flood map showing the location of the subject.
	All appraisal reports contain the Statement of Limiting Conditions and Appraiser's Certification.  Other attachments, including other relevant photos, descriptions, explanations and addenda may be included if necessary.

Q: If I pay for the appraisal, does the appraiser work for me?
A: No. You would think that if you pay for the appraisal, you own the report.  The appraiser works for whomever orders the appraisal, regardless of who pays for it.  The appraiser is not at liberty to discuss any portion of an appraisal with anyone other than the person who ordered the appraisal unless otherwise instructed, regardless of who pays for the appraisal.

Q:  Can I get a copy of an appraisal a lender ordered on my home?
A: Yes.  Your lender is required provide you with a copy of an appraisal report upon request.  However, because the lender is typically the client of the appraiser, the appraiser is not allowed to discuss any specific information on the appraisal to anyone, including the borrower, without the lender's approval.   With proper approval, the appraiser can discuss any information regarding the appraisal with the homeowner.

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Q:  How long does an appraisal take?
A:  The typical residential report can be completed in 48-72 hours from the time of the initial physical evaluation.  The physical evaluation of the property being appraised can take from fifteen minutes to several hours, depending upon the size and complexity of the property and appraisal.

After the physical evaluation of the property, the appraiser tours the area to search for other properties that are similar to the property being appraised, that have sold within the last year. After the field work is done, the appraiser completes the written report. A short form report typically takes between two to six hours to complete. A narrative report can take weeks or months, depending upon the complexity of the assignment. 

Q:  Can Louisville Appraisals deliver appraisals electronically?
A:  Yes. Our network appraisers have appraisal software that allows transmission of appraisal reports through the internet.
 

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