Appraisals in West Kentucky: Reading the Report Like a Pro

Got an appraisal in your inbox and not sure what it really says? You are not alone. Whether you are buying or selling in Mayfield, the appraisal can feel dense and technical. This guide shows you how to read each section, what numbers matter most, how local Mayfield factors can shift value, and what to do if you disagree. Let’s dive in.

What your Kentucky appraisal must include

Kentucky appraisers follow national USPAP standards and state rules that shape what appears in your report. You will often see a certification stating USPAP compliance. You can review the consumer guidance on USPAP to understand the baseline standards an appraiser must meet. The Appraisal Foundation provides the standards.

State regulations also reference ANSI Z765 for measuring above-grade square footage. This is why the appraiser’s gross living area can differ from a listing or tax record. Learn more about the Kentucky rules that reference measurement and reporting standards in the state’s administrative regulations. See the Kentucky regulations.

Read the report section by section

Cover and certification

Start with the effective date, client, and scope of work. The effective date anchors the value to a specific day, not to today. You will also see the appraiser’s license and a certification of USPAP compliance. On most lender reports, these items appear on standardized form pages. Review a typical form’s structure.

Neighborhood and market section

This section describes supply, demand, and market direction. In Mayfield, sales volume can be thin, so small data sets can make prices seem jumpy. Appraisers may discuss recovery and rebuild patterns after the December 2021 tornado because it changed the local housing mix and availability. See the National Weather Service summary of the 2021 event.

Site and flood info

Look for lot size, zoning, utilities, and any flood-zone flag. If the report notes a flood hazard, confirm it directly on FEMA’s map using the property address. Flood status can affect insurance needs and mortgage options. Check the FEMA Flood Map Service Center.

Home details and GLA

Verify gross living area, bedroom and bath counts, and age. In Kentucky, above-grade square footage should follow ANSI methods, which is a common reason for differences from listings or tax sheets. If GLA is off, it can change price-per-foot math and adjustments. See the Kentucky rule reference.

Sales comparison approach

This grid is the heart of most appraisals. Each comparable sale is adjusted up or down for differences in time, location, size, condition, and features. Adjustments should be explained and supported by market data, especially time or market-condition adjustments in a changing market. Review Fannie Mae’s guidance on adjustments.

Cost and income approaches

For typical existing homes, the cost approach is often a cross-check. It is more useful for new construction. Income methods appear only if the property is income-producing. The report should explain how much weight each approach received and why. See a standard form overview.

Reconciliation and final value

The appraiser weighs the approaches, then states a final opinion of market value. Compare it to the contract price and the range of adjusted comparable prices. A strong reconciliation explains why certain comps were most reliable.

Mayfield factors that can shift value

• Tornado recovery and rebuilds. New construction or replacement homes near older stock can complicate comp selection. Appraisers often address these differences in detail. Read the NWS event summary.
• Rental supply efforts. State-backed initiatives to add rental units in western Kentucky may influence investor demand and how income properties are viewed. See the AP report on post-disaster housing initiatives.
• Flood hazards and drainage. Flood-zone status can affect marketability and lending. Always verify the FEMA map for the address. Use FEMA’s map tool.
• Permits and rebuild history. Roof replacements, additions, and new builds should match permit records. Ask the City of Mayfield building department for verification if something looks off in the report.
• Small sample sizes. Fewer recent sales in certain micro-areas mean appraisers may broaden search windows or use distant comps with clear explanation. See guidance on supporting adjustments.

Key numbers and red flags to double-check

Key numbers to verify

• Effective date and inspection date. The value is tied to that date. See standard form conventions.
• Final value vs. contract price. Note whether the opinion is above, near, or below your contract number.
• GLA and per-square-foot math. Confirm against county records and your measurements. Kentucky references ANSI methods for consistency. Review the Kentucky regulation.
• Comparable adjustments and explanations. Large time or location adjustments should be supported with market data. See Fannie Mae’s adjustment guidance.

Common red flags

• Big adjustments with little or no support. Ask for the basis if a single line item swings 10 to 15 percent or more without a clear explanation. Review adjustment expectations.
• Distant or very dissimilar comps without narrative support. Thin markets can require wider searches, but the appraiser should explain why.
• Photos and condition ratings that do not match. If photos show clear deferred maintenance but the rating says average or good, that is a concern. See standard report elements.
• Missing site hazards or permit issues. If floodplain, septic, or unpermitted additions are not addressed, raise it. Verify flood status directly. Check FEMA mapping.
• Scope of work shows no interior inspection when one is expected for the loan type. Confirm the inspection type on the cover page. See typical form scope language.

If you disagree with the appraisal: a simple playbook

1. Identify specific factual errors. Examples include wrong GLA, bed or bath count, lot size, flood status, or missing improvements. Gather proof from county records, MLS sheets, photos, or permits. See standard items to verify in the form.
2. Ask your agent and lender to submit a reconsideration of value. Provide closed comparable sales and documentation. For VA loans, there is a formal review process with program-specific guidance. Review VA program resources.
3. Request factual corrections through the lender or AMC. Appraisers can issue signed addenda if warranted. USPAP requires defensible, supported revisions. Read USPAP consumer guidance.
4. Escalate if needed. If you suspect a rules breach, ask about a second appraisal or file a complaint with the Kentucky Real Estate Appraisers Board. Find the state board contact.
5. Consider contract options. In a thin market or when data is mixed, you may renegotiate price or concessions, or use an appraisal contingency to cancel.

Quick checklist for Mayfield buyers and sellers

• Confirm the effective date and inspection date. See how dates appear on standard forms.
• Verify GLA, room counts, lot size, and year built against county records. Start with Graves County PVA.
• Review the comp grid. Are comps recent and reasonably similar, and are adjustments clearly explained. Check adjustment guidance.
• Confirm flood status using FEMA’s map. Search your address on FEMA.
• Compare condition notes to photos and permits. If you find errors, compile a brief, documented packet for your lender to submit.

Local records and contacts that help

• Graves County PVA for parcel data, legal descriptions, and assessments. Access the PVA page.
• Graves County Clerk for deeds and online land records that verify ownership and recorded documents. Search land records.
• City of Mayfield building and code for permit status on repairs or additions. Call city hall for guidance.
• FEMA Flood Map Service Center to verify flood zones. Open FEMA’s map.
• Kentucky Real Estate Appraisers Board for licensing and complaint procedures. Find the state board.

Final thoughts

Reading an appraisal does not have to be intimidating. When you know which pages to scan and which local factors matter in Mayfield, you can move from confusion to clear next steps. If you want a second set of eyes grounded in both valuation and brokerage, reach out to Dustin Hawkins for local, appraisal-informed guidance.

FAQs

What is the most important page in a Mayfield home appraisal?

• The sales comparison grid and the final reconciliation page, since they show the adjusted comparable prices and the appraiser’s final opinion of value.

How did the 2021 tornado change appraisals in Mayfield?

• It altered the housing mix and sales volume, so appraisers often explain rebuilds, new construction near older homes, and time adjustments supported by market data.

Why is the appraiser’s square footage smaller than my listing?

• Kentucky appraisers reference ANSI methods for above-grade measurements, which can differ from older listings or tax records, and that can change price-per-foot math.

What should I do if the appraisal is lower than my contract in Graves County?

• Document factual errors, ask your lender to submit a reconsideration with stronger comps, and consider renegotiation or contingency options if data still supports a lower value.

Do flood zones in Mayfield affect financing and value?

• Yes. Flood status can impact insurance costs and loan eligibility, so verify the FEMA map and make sure the appraisal’s site section matches official data.