Are you looking to have your property appraised?
What does Coulee Land Company appraise?
Land and buildings, including barns and outbuildings
- Specialty agricultural buildings
- Large land parcels
- Standing timber
- Conservation easements
Services Offered:
- Loan Appraisals
- Estate Tax Purposes
- Financial Planning
- Partnership Dissolutions
- Buying or Selling Land
Please note, Coulee Land Company only appraises properties in the WI, MN and lowa states. Additionally, Coulee Land Company does not appraise non-credit residential properties, non-agricultural commercial properties or business valuations.
Professionally Trained & Certified:
Comply with Uniform Standards of Professional Appraisal Practice (USPAP)
- Appraisers are State-Certified General Real Property Appraisers
- Utilize the Uniform Agriculture Appraisal Report (UAAR) format
- Multiple designated ARAS (Accredited Rural Appraisers) and ASAS (Accredited Senior Appraisers) on staff
APPRAISAL FAQs
When should I get an appraisal?
Appraisals are especially important when you:
- Transfer farm assets to the next generation
- Buy or sell real estate
- Carry out estate planning
- Settle an estate
- Gift property
- Transfer business assets to the next generation
- Donate land to a trust
- Sell development rights
- Address property tax issues
- Develop a business plan
What is the appraisal based on?
We use one of three different approaches to reach an appraisal value. We base it on:
- The income your ag-asset generates
- The comparative sales value of your agricultural asset to the sales of other similar agricultural assets
- A cost approach where we take the brand new cost of your structural improvements, reduce it by the amount of wear and tear it has received, as well as other forms of depreciation and add the value of the land base
How do you appraise unique items?
This really depends on the item. Usually, our appraiser will find a similar item that was sold in order to provide a well-supported value on the item.
What does an appraisal cost?
The cost of the appraisal is based on an hourly change for our appraisal staff. You will receive a competitive rate and get an ag-specfic appraisal expert to ensure you receive the most accurate appraisal possible.
What kind of appraisal report can I receive?
Our appraisers help you decide what type of documentation is appropriate for your situation, from a restricted-use appraisal to a detailed narrative report. A simple report may be all you need to set a selling price. However, if you’re involved in a court case, a comprehensive narrative report may be necessary.
Why is the value appraised at Coulee Land Company different that the assessed value that shows up on my property tax bill?
Assessments are made for the specific purpose of taxation under special rules and as of a particular date. They are likely not reliable for a different purpose. An independent market value appraisal provides a good review of your assessment.
Is the appraisal based only on market value?
Our appraiser can base their valuation of your property on its current market value, agricultural or special-use value or value as of a particular date. We work with you to ensure that you receive the type of appraisal you need.
What is an appraisal used for?
Appraisals are used for many purposes, including determining a property’s value for mortgages, estate planning, tax determinations and more.
How do I find a qualified appraiser?
A qualified appraiser is licensed or certified by the state and adheres to the Uniform Standards of Professional Appraisal Practices (USPAP). You can also ask if the appraiser is a member of a recognized appraisal organization.
What do appraisers look for?
Appraisers examine the condition of the property’s general features, interior, exterior and location.
What is included in an appraisal report?
An appraisal report includes the appraisal’s purpose, the effective date, the type of value and relevant property attributes.
How much does an appraisal cost?
The cost of an appraisal depends on the property’s size and value, the type of report, and the region. A typical appraisal costs between $350-$600.
Can I reuse an appraisal from another lender?
In most cases, you won’t need to pay for a new appraisal if you move your loan application to another lender. However, some appraisal firms may charge a small fee.
What is a home appraisal?
An appraisal is an estimate of the fair market value of a home. A certified or licensed appraiser evaluates the property considering several factors, namely the condition of the property, its location and recent sales of similar homes in the surrounding area. An appraisal assures the home’s purchase or refinance amount is reasonable and protects the lender from lending more money than the value of the home.
Who is responsible for ordering and paying for an appraisal?
The mortgage lender orders the appraisal, and more than likely will use an Appraisal Management Company to ensure the appraiser is certified or licensed. Even though the lender requires the appraisal, the buyer/borrower is typically responsible for paying for it.
How is the appraisal process conducted?
The appraiser will likely perform four steps during the appraisal process: (1) research the property history; (2) evaluate the market; (3) conduct an on-site inspection; and (4) submit a report. Each step must be performed in accordance with quality control standards and guidelines set forth in the Uniform Standards of Professional Appraisal Practice (USPAP). Let’s explore each step more closely.
- Research the property’s history: USPAP requires an appraiser to analyze and report the previous 36 months of sales and listing history for the property. To obtain sales data, appraisers typically review Multiple Listing Service (MLS) records. An appraiser may also research municipal and county public records for the property tax history.
- Evaluate the Market: Using MLS, the appraiser will review recently sold comparable properties. Comparable properties are usually close in proximity and share similar characteristics, particularly square footage or acreage, bedrooms, bathrooms and outbuildings. Neighborhood attributes and market trends will also play a role. The appraiser will look at the property’s proximity to employment, public transportation, local amenities and its overall appeal to the market.
- On-Site Inspection: The appraiser will take notations, measurements and photographs of both the interior and exterior of the home. The number of rooms and size and condition of each will be noted. The appraiser will look for improvements, such as a remodeled kitchen, energy efficient windows or updated heating and cooling systems. Amenities that may add value, such as fireplaces, pools and views, may also be factored into the appraisal. On the other hand, the appraiser will also record less desirable characteristics, like nearby railroad tracks or a busy highway. The appraiser will visually examine the roof, gutters and foundation. Government-backed mortgage lenders also require inspection of health and safety details, like smoke detectors and properly installed staircase handrails.
- Submit a Report: The appraiser will compile all of the research, inspection notes and photographs into a comprehensive report. The Uniform Residential Appraisal Report is one of the most common forms used for single family homes. The report is sent directly to the mortgage lender and a copy is shared with the buyer. The seller will not automatically receive a copy, but can request one from the lender.
What if the appraised value of the property is higher or lower than expected?
If the appraised value is higher than the purchase price, the buyer is off to a good start. This means the seller has agreed to sell the property for less than the fair market value. It’s important to note that the selling price will not increase to meet the appraised value. Therefore, the lender will not require the buyer to obtain a higher mortgage loan.
On the other hand, if the appraised value is less than the purchase price, the following could occur:
- The seller and buyer renegotiate a lower purchase price
- The buyer agrees to pay the original purchase price and increases the down payment to meet the lender’s loan-to-value ratio.
- The buyer or seller disputes the appraisal report
- The buyer or seller cancels the transaction.