Kentucky Appraisal for FHA, VA, USDA and Fannie Mae Home Loans

What is an Appraisal?

An appraisal is a valuation of property by an independent, licensed professional known as the appraiser.
The appraiser will review the home itself along with comparable homes in the area and generate a full report on the value of the subject property. They will schedule a visit to inspect, measure, and take photos of the home. An appraisal protects not only the lender’s investment but also you, the buyer.

What if my home doesn’t appraise for the asking sales price?

There are a couple of options in the event that the home value comes in lower than the sales price.

• Review of the report by the real estate agents. Additional comparable home sales or comments are
  then submitted to the appraiser for review and comment;
• The seller may lower the price of the home;
• The buyer may opt to increase the down payment;
• The numbers stay the same and the loan to value changes. The loan is based on the lower of the
  sales price or appraised value. In some situations, a low appraisal does not change the loan terms.
  In others, we make an adjustment to the loan itself without changing the sales price or increasing
  the down payment; or
• A combination of some of the above.
• 
  When do I pay for an appraisal?
• 
  Appraisers require payment at the time of service. The appraisal funds are collected at the time of order. Even if you opt not to proceed with the home purchase after the appraisal is completed, the appraiser still requires payment. Appraisals must go through appraisal management companies. The average costs of appraisals for FHA, VA, USDA, and Fannie Mae Home loans in Kentucky are around $550. This cost specifically applies to conventional loans. Government-backed appraisals cost about $600.

When will I receive a copy of my appraisal?

Appraisals are ordered once we receive your intent to proceed. Payment and permission to order (once your home inspection process is complete) are also required. Most appraisals are completed in 5-7 business
days.

VA appraisals often take an average of 10 business days to complete. Rush appraisals may be available as needed (subject to additional fee).

What if there are required repairs that need to be done before I can purchase the home?

Typically, repairs will need to be completed before we are able to close and fund your mortgage.

The realtors will negotiate and work together with the seller to make the required repairs to the home. A final inspection by the appraiser will be needed to ensure the work is complete.

What is an inspection and how is it different than an appraisal?

An appraisal is used to determine a home’s market value. An inspection examines the condition of the home and its components. We always suggest hiring an inspector to show you the functionality and safety features of the home. An inspector will examine items such as the roof, electrical,
plumbing, and appliances.

He or she will note any minor or major repairs that should be addressed
prior to closing.

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