Are there different types of appraisals?
There are two different types of appraisals that are performed. These include on-site and desktop, or over the computer appraisals.
In an onsite appraisal, we would go to wherever the equipment is located and collect any information that can possibly be needed to provide the best possible value for your equipment. We will look at the equipment, take pictures, and decide on the best value compared to similar market trends.
We can also do a desktop appraisal. This is a quick and rather simple way to know the value of your equipment without having to travel to the site of the equipment. You give us all of the information on the equipment and we come up with a value that is the best fit according to the product.
Who can have the most benefit from an appraisal?
- Farm owners and supervisors
- Estate or Retirement coordinators
- Estate administrators
- Mortgage Lenders
- Insurance companies
- Tax companies
How long is my appraisal good for?
Markets stay changing so there is no designated time that you should get something appraised. We will assess the equipment at the time that is needed for the appraisal. It could be the day we are on site when the value is set. For example, If it’s for an estate tax return, we may research market requirements over the last 6 months to get the best-fit valuation.
What are some types of equipment you appraise?
We can appraise ag equipment and possibly other units you may find around the farm like jet skis, four-wheelers, or vehicles.
What does USPAP stand for?
USPAP stands for Uniform Standards of Professional Appraisal Practice. It is the association that develops the procedures for professional appraisals.
Why should I choose MidSouth for my Farm Equipment appraisal?
- We will provide you with a professional report with details and the values of every piece.
- We make sure we are non-biased so that no issues arise within conflicts of interest.
- Our team of professionals is very familiar with both the areas of farm equipment and appraisal practices. We are honest and reliable and prepared to assist your next appraisal.