Galloway Appraisal
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Whether it's a starter home or the most modern new construction, our extensive field work and education as licensed appraisers make us qualified to provide home valuations in Fayette County for clients ranging from national mortgage companies to local lenders or individual businesses and consumers. We are a full service provider of real estate valuations and consulting services.

With 31 years of experience in the business, we have a proven track record of providing timely analysis and market research to better guide our clients in their real property evaluation needs. Our investment in training and technology has helped our customers greatly reduce their workload. By offering online appraisal ordering, coupled with automatic report status updates and electronic delivery of the final product, we are able to eliminate the run around and phone tag hassles associated with this process.

And since this saves us money as well, we can keep our rates competitive with anybody in the industry.
Highlights

read more › For homeowners, a real estate appraisal is the linchpin to buying or selling their home. It allows the property transactions to occur among the buyer, seller, real estate agent and mortgage lender. Before an Appraiser arrives, there are a few things you should know. By law, an appraiser must be state licensed to perform appraisals prepared for federally related transactions. Also by law, you are entitled to receive a copy of the completed appraisal report from your lender. A copy of the current listing agreement and broker's data sheet and Purchase Agreement if a sale is "pending".

read more › If you are going to sell your home it is usually a good idea to at least consult with an appraiser. Sometimes you simply do not need an appraisal. For example: Many subdivisions contain hundreds of homes built by the same builder using one of a dozen floor plans with minor variations. In these developments you will typically find numorous recent sales within a very narrow price range. Unless you believe your home is significantly superior or inferior to these properties, I would not recommend an appraisal.

read more › Maybe you feel like you don't need an "appraisal" but you'd still like some help gathering local property and sales data. We can provide low cost sales and listing reports that will guide you through the maze of raw data. Our reports help you to make an informed buying decision. We understand the complexities of buying a home and know what you are going through and will do our best to make it easier for you by giving you a high quality, professional appraisal that you can depend on! Prompt response to your initial inquiry: We will give you personalized information for your particular appraisal need.

read more › Settling an estate is an important and sometimes stressful job. As an executor you have been entrusted to carry out the wishes of the deceased as swiftly and exactly as possible. You can count on us to act quickly and with sensitivity to the feelings of everyone involved. Attorneys and Accountants rely on our values when calculating real property values for estates, divorces, or other disputes requiring a value being placed on real property. We understand their needs and are used to dealing with all parties involved.

read more › Finalizing a divorce involves many decisions, including "Who gets the house"? There are generally two options regarding the house - it can be sold and the proceeds divided, or one party can "buy out" the other. In either case, one or both parties should order an appraisal of the residence. Divorce appraisals require a well supported, professional appraisal that is defensible in court. When you order an appraisal from us, you are assured that you will get the best in professional service, courtesy, and the highest quality appraisal.

read more › Homeowners need appraisals or appraisal reviews for a variety of reasons, including a mortgage refinance, home equity loans, Pre-listing services, and PMI removal. When you order an appraisal or review from us, you can rest assured that you will get the best in professional service, courtesy, and quality. A lender will typically require an appraisal if you refinance, apply for home equity loan or equity line of credit. Do not jump the gun and get an appraisal before talking to your lender or you may end up paying for two appraisals.

read more › What is USPAP? USPAP, which you might hear pronounced like "YOOS-pap, " is the Uniform Standards of Professional Appraisal Practice. USPAP is published and maintained by the Appraisal Standards Board (ASB) of the Appraisal Foundation, a non-governmental entity charged by Congress with promulgating appraisal standards. USPAP is revised periodically, usually annually, and almost never radically. It includes sections covering rules, such as an Ethics Rule, a Departure Rule, and a Competency Rule. It includes Standards, 10 of them, each covering in detail different functions an appraiser might perform ("Real Property Appraisal, Reporting"; "Business Appraisal, Development").

read more › More and more homeowners today are choosing to sell their homes FSBO (For Sale By Owner) and foregoing the help of a real estate agent. Selling your home by this method can end up saving you a potential "hefty" commission (industry average is 5-7% of the home's selling price).Plus many FSBO sellers feel that they have more control in the process of selling their home since they're in essence making all the rules. According to the National Association of Realtors, over 70% of all homebuyers now use the Internet to search for homes so if your house isn't on the internet, it should be.

read more › If you're working with a real estate agent to list your property, more than likelythey'll provide you with a Comparative Market Analysis (CMA) that lists selected sales in your area as one of the first steps in determining what to set as the "Listing Price".This step is vital if you're going to maximize your profit and minimize the home's time on the market. But even if you're working with the most experienced real estate agent, it's probably in your best interest to have an "objective" third-party's opinion of value prior to signing a Listing Agreement.

read more › Estate tax liability. Disposition of assets under a will or in probate. There are many situations -- none of them lacking stress and complexity -- where you might need an appraisal of property that states an opinion of what the property was worth on a date some time ago, rather than when the appraisal is ordered. For estate tax purposes or disposition of the assets of a decedent, a "date of death" valuation is often required. Attorneys, accountants, executors and others rely on Galloway Appraisal Lexington and The Matrix AA-AVM for "date of death" valuations because such appraisals require special expertise and training.

read more › Homes in foreclosure and homes that have reverted to your institution's ownership present special appraisal challenges. For a property in foreclosure, you may need to know the difference between fair market value and "quick disposition" value, to know your potential charge-off liability. At Galloway Appraisal Lexington and The Matrix AA-AVM, we have experience in both providing snapshots of fair market value for our mortgage lending and servicing clients as well as "quick sale" forecasts that understand your timeline.

read more › Seller Concessions: Seller paid closing costs. Should they or shouldn't they be deducted? In most cases YES if they are not customary. Here are some reasons why : 1 These seller paid closing costs are "NOT present in virtually ALL transactions". 2 They are only "customary" because the real estate agent told the seller they were customary and the agent gets a larger commission by pushing them. 3 Many markets have shortages and multiple offers are common. Seller paid concessions should not be a factor in such a market.

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