FAQs
Frequently Asked Questions
Industry Questions
What is an appraisal?
An appraisal is a professional appraiser's opinion of value. The preparation of an appraisal involves research into appropriate market areas, the assembly and analysis of information pertinent to a property, and the knowledge, experience and professional judgment of the appraiser.
Is an appraisal the same as a home inspection?
An appraisal does not serve the same purpose as a home inspection. The appraiser forms an opinion of value during the appraisal process and records this information in the resulting report. A home inspector determines the condition of the home and its major components and reports these findings.
What is the role of the appraiser?
An appraiser is to provide objective, impartial and unbiased opinions about the value of real property providing assistance to those who own, manage, sell, invest in and/or lend money on the security of real estate.
Can anyone produce an appraisal?
At minimum, all states require appraisers to be state licensed or certified in order to provide appraisals to federally regulated lenders. Appraisers have fulfilled rigorous educational and experience requirements and must adhere to strict standards and a code of professional ethics. Qualified State Certified appraisers bring knowledge, experience, impartiality and trust to the transaction. In so doing, they help their clients make sound decisions with regard to real property.
Do appraisers use a formula, such as a specific price per square foot, to calculate the value of a home?
Appraisers make a detailed analysis of all factors pertaining to the value of a home including location, condition, size, proximity to facilities and recent sale prices of comparable properties in the subject market area.
What is an appraisal report?
An appraisal report generally consists of a description of the property and its locale, an analysis of the "highest and best use" of the property, an analysis of the sales of comparable properties "as near the subject property as possible," and information regarding current real estate activity and/or market area trends.
Does the appraised value of a property vary depending upon whether the appraisal is conducted for the buyer or the seller?
No. The appraiser has no vested interest in the outcome of the appraisal and should render services with independence, objectivity and impartiality.
Are appraisers hired only to estimate real estate property values in property sales involving mortgage-lending transactions?
Depending upon their qualifications and designations, appraisers can and do provide a variety of services, including advice for estate planning, dispute resolution, zoning and tax assessment review and cost/benefit analysis. Springhouse is partnered with appraisers qualified to work on all of the above appraisal scenarios.
Should market value approximate replacement cost?
Market value is based on what a willing buyer likely would pay a willing seller for a particular property, with neither being under pressure to buy or sell. Replacement cost is the dollar amount required to reconstruct a property in-kind.
Does the assessed value equate to market value?
While most states support the concept that assessed value should equal market value, this often is not the case. Examples include when interior remodeling has occurred and the assessor is unaware of the improvements, or when properties in the vicinity have not been reassessed for an extended period.
When applying for a loan to purchase or refinance real estate, does the consumer own the appraisal?
The appraisal is, in fact, legally owned by the lender - unless the lender "releases its interest" in the document. However, consumers may obtain a copy of the appraisal report from their lender who had ordered the report under the Equal Credit Opportunity Act.
When the sale price of homes in a given area is reported to be rising by a particular percentage, is the value of individual properties in that area expected to appreciate by that same percentage?
It is not a guarantee. Value appreciation of a specific property must be determined on an individual basis, factoring in data on comparable properties and other relevant considerations. This is true during either a flaccid or prosperous economy.
What are the most important considerations in the valuation of real property?
The value indicated by the most recent sales of comparable properties, the current cost of reproducing or replacing a building, and the value of the property's net earning power.
Ordering and Appraisal Questions
How does this process work?
Our services are designed to make ordering appraisals a turnkey process.
1. Begin by completing an appraisal request form. You may use your own or one we have provided for you. Springhouse Appraisal Request Form.
2. Submit the form by fax, phone or online.
3. Pay for the order with a credit card through our website.
4. We'll designate the appraisal request to one of our licensed appraiser panel members, who will then schedule an appointment according to your request.
5. You will be sent email updates during each step of this appraisal process.
6. Within 24-48 days from the time your appraisal was scheduled, an appraisal report will be delivered electronically to your e-mail address.
Can I place my order by fax or phone?
Of course, although we recommend ordering online for a faster turn-around time. If you would like to place your order over the phone, click here. If you would like to place your order by fax, click here.
Why order your appraisal online?
Ordering your appraisal online is faster. With our state of the art technology we can simply import the property details from your appraisal request form into our appraisal report software. This software also enables us to more efficiently communicate your appraisal developments. You will receive real-time e-mails updating you on each step of the appraisal process. In addition, you may track your appraisals and print or download your reports 24 hours a day, 7 days a week. With our online management system you are no longer left in the dark during the appraisal process. Try it now by clicking here.
Is your appraisal order and delivery system secure?
Yes, we utilize secure logon password identification as well as the latest encryption technologies.
How much does an appraisal cost?
The pricing for appraisals varies depending on the zip code and the type of appraisal being ordered. We will communicate the cost to you just as soon as we receive this information via an appraisal request form.
By ordering an appraisal through Springhouse am I paying more?
NO! There are no added fees or hidden costs for using our system. You will pay the normal costs associated with the type of appraisal requested.
How do I pay for my appraisal?
By credit card, through our website.
What is the appraisal turn-around time from request to delivery?
The appraiser inspection is scheduled within 24 hours of receiving your appraisal request order form with payment. As soon as the property is inspected, we will have the final appraisal report proofed and delivered to you within 24-48 hours.
Can I request a "rush" on an appraisal order?
We are in the business of prompt and accurate service. If a special request for a "rushed" appraisal is needed, first complete and submit an appraisal request online, and then follow up with a call to our customer service support line (502-558-4780) to make arrangements for expediting the order.
Do I really have to pay for the appraisal up front?
Unfortunately, due to the high volume of appraisal orders we handle, coupled with our emphasis on quick turn-around times, Springhouse is not able to place an order with our Panel of Appraisers until the appraisal fee has been collected. Having the client pay for the appraisal up front assures that your appraisal request will be scheduled, proofed and delivered as quickly and accurately as possible.
May I cancel my order?
You may cancel your order anytime before the property has been inspected. Once the property has been inspected, the appraiser has done the work required to complete the appraisal report and will expect to collect the appraisal fee. Please be aware that an appraisal order is a legal contract and that the individual requesting an appraisal is legally responsible for the appraisal fee.
Do you have an appraiser in my area?
Yes. The Springhouse Panel of Appraisers is an extensive network of experienced and licensed appraisers ready to take your orders from anywhere in the nation.
Do your appraisal services include remote locations?
Yes. Although, please understand if the subject property is in an extremely remote location, prices for these appraisals are typically higher and the appraisal turn-around time may take longer because of the possible complexities of the appraisal request. Springhouse will make certain to communicate all the involved details to you as they surface.
Does your company provide comparables (comps)?
We provide you with links to free Automated Valuation Modules (AVM). This technology quickly generates a property value based on computer data analysis of recent area comparable sales. Please be aware that AVMs can provide you with valuable comparable sales data, but are not as reliable as a complete appraisal performed by a licensed appraiser.
Where do I send an underwriting condition?
Please e-mail your exact condition, in as clear and specific language as possible, to customerservice@springhouseamc.com. We will update you accordingly regarding the delivery timeline and any additional costs that may incur.
Appraiser Questions
I'm a certified appraiser. How can I become Springhouse Appraiser Panel member?
Review the Springhouse Panel of Appraisers Engagement Packet by clicking here. Submit the list of necessary approval documents to:
Springhouse, LLC
Attn: Jay Jones
4025 Winchester Road
Louisville, KY 40207
Our staff will review your appraiser profile and notify you, via email, of your approval.
What are the expectations of the Springhouse Panel of appraisers?
We simply ask that our panel members uphold the integrity of the appraisal process, while producing quality work in a timely manner. Communication during expected delays is also a priority. This enables us so to make any needed adjustments with our clients.
How will I be paid for my work?
Our payment processing is 30 days from the completion of the appraisal order. Generally checks are cut once a week so orders that reach the 30 day completion date near one another may be paid together.
Order an Appraisal Today!
Order Online!by phone 502-384-0727 |  |
by fax 314-754-8111 | |
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