How to Get a Home Appraisal in Louisville, Ky.

A home appraisal is a market valuation of real estate or property by a professional. Before a bank or lender will invest their money in your home loan, they will require an appraisal to ensure the property is as valuable as you say it is. The collateral for the loan must be valued at no less than the amount of the loan you are requesting. The bank will usually choose the appraiser if you are buying. If you'll be selling your Louisville home, you can hire an appraiser to help set a price. To get a home appraisal, follow these steps.

Instructions

1. Begin your search for Louisville home appraisers by visiting the Kentucky Real Estate Appraisers Board Web site that allows you to search for licensed appraisers by city. If you are working with a realtor or lender, they can also recommend a Louisville home appraiser.

2. Interview appraisers, seeking one with experience appraising real estate in your anticipated price range and area.

3. Ask about rates and timelines. Timelines should include how long the appraisal will take, how soon an appointment is available and when the report should be ready.

4. Clean and repair the property before the appraisal. Scrub dingy areas and remove clutter both inside and out. Touch up paint where needed, repair any woodwork in disrepair and fix leaky faucets. Spend a few dollars on flowering potted plants to dress up the entryways.

5. Make sure all parts of the house and property are accessible. They will need to see the inside as well as outside, so keep all entries and exits clear.

6. Let your appraiser know about upgrades like recently replaced wood floor or carpet, heated floors, new wood stove or solar power capabilities. They may not be part of the closing record but can significantly alter the selling price of a home. A bullet-point list of improvements and upgrades is handy to have, if you have time.

7. Be on time to your appraisal appointment. Professionalism on your part will reflect positively on your report.

8. Require a completed report before full payment. You may be asked to pay a partial payment upon appraisal but true professionals will wait until they have completed their research and valuation before submitting a bill to you.

9. Inform your appraiser if a home in your area sold far under or over market value and why. Upgrades like recently replaced wood floor or carpet, heated floors, new wood stove or solar power capabilities may not be part of the closing record but can significantly alter the selling price of a home.

10. Make sure there are at least three market comparisons that are similar to your real estate included in the report.

Tips & Warnings

• Your appraisal may not necessarily be the true value of the home, instead it will be the same or similar to the asking price. Do not let the appraisal price dissuade you from negotiating.

• When you order an appraisal to have your private mortgage insurance, or PMI, removed from an existing loan, make sure that your appraiser knows what your original loan amount was so it can be appraised appropriately. This means that the appraisal must be 80 percent or less than the original loan amount.