AgChoice: Land Appraisal 101

This month, Nick Pease, chief appraiser with AgChoice Farm Credit, discusses appraisals and their role in the land buying process.

Why are appraisals important and why are they needed for a loan?

By definition, an appraisal is an opinion of value that is credible and worthy of belief. Appraisals are completed by a state-certified appraiser, either generally- or residentially-certified, who fulfill the proper certification requirements set by the state and appraisal qualifications board.

Appraisals are most commonly used for mortgage lending, tax appeal, estate settlement and personal knowledge...