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.
What qualifications are appraisers required to have?
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?
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.
How can I prepare for the appraiser?
yourself available to meet the appraiser at any time
a copy of the survey of the property
original plans and specifications if available
a list of recent improvements & the costs
additional information you feel is pertinent
What's included in a typical appraisal report?
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
of the subject property and comparable sales.
detailed sketch of the subject property that is used to
calculate square footage and show the functionality
of the floor plan.
location map with the locations of the subject property
in relation to the comparable sales utilized in the report.
flood map showing the location of the subject.
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.
I get a copy of an appraisal a lender ordered on my home?
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.
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.
Can Louisville Appraisals deliver appraisals electronically?
A: Yes. Our network appraisers
have appraisal software that allows transmission of appraisal
reports through the internet.