How Does the FBN® Finance Appraisal Process Work?

FBN Network

May 25, 2023

If you are working through the financing process ahead of a planned farm land purchase, you will need to have your target land appraised. This appraisal is necessary to determine the value of the land you are buying, and is integral to the borrowing process. 

With a Farmers First® mindset at the forefront of everything we do, FBN Finance strives to be as transparent as possible about this process so that you know what to expect when partnering with our team for your land financing. 

Below is a brief overview of how our land loan appraisal process works: 

1. Land Appraisal

First, the FBN Finance appraisal engagement team engages an appraiser to complete the assessment process as quickly and efficiently as possible. In addition to having an experienced and certified appraiser in-house, FBN Finance also works with a partner network of certified appraisers. 

In some scenarios, your land could also be appraised via a digital desktop appraisal done in-house at FBN Finance, significantly reducing the time needed to complete the process1

Both appraisal approaches help ensure your appraisal is completed in a timely manner and in accordance with FBN Finance's standards. 

2. Land Inspection 

Next, the selected appraiser receives the preliminary property information and schedules an inspection date. This shared information typically includes details like the size of the property, its location, any improvements that have been made, and any other relevant data. Upon receipt, the appraiser will schedule a time to visit the property in person and conduct an inspection.

3. Report Development

Once the inspection is complete, the appraiser will develop a report detailing their findings. This report can take some time to complete, as the appraiser may need to conduct additional research in order to meet the requirements of the appraisal. This could include researching market trends, comparable sales, and other factors that may impact the value of the property.

4. Report Review and Financing Decision 

Lastly, the appraiser submits their completed report to the FBN Finance appraisal team. The report is then carefully reviewed in detail, with the team reaching out to the appraiser for clarification or additional information requests if there are any follow-up questions regarding their assessment. Once finalized, the FBN Finance team makes a decision on the financing application. 

While the appraisal process can sometimes feel like a daunting and time-intensive phase of the land financing process, the FBN Finance team strives to make the procedure as easy and streamlined as possible.

[Looking for more information regarding land loans? Check out Land Loans 101, a free, detailed guide designed to demystify farm land loans and the loan application process.]

Land Financing Solutions from FBN Finance

If you are a farmer who is considering buying land, the loan advisor team at FBN Finance is here to help. With an average of at least 15 years’ experience each in Ag finance, FBN Finance loan advisors are available to walk you through all facets of the real estate loan process and are well equipped to make sure you get the solution that best fits your unique needs.

Learn more about land loans from FBN Finance by clicking here or completing the brief form below to be connected directly to a member of our team.

© 2014 - 2023 Farmer's Business Network, Inc. All rights Reserved. The sprout logo, and “FBN” are trademarks, registered trademarks or service marks of Farmer's Business Network, Inc. 

The material provided is for information purposes only. It is not intended to be a substitute for specific professional advice. Neither Farmer’s Business Network nor any of its affiliates makes any representations or warranties, express or implied, as to the accuracy or completeness of the statements or any information contained in the material and any liability therefore is expressly disclaimed. 

Financing offered by FBN Finance, LLC and its lending partners. Terms and conditions apply. To qualify, a borrower must be a member of Farmer’s Business Network, Inc. and meet all underwriting requirements. Interest rates and fees will vary depending on your individual situation. Not all applicants will qualify. NMLS ID: 1631119.

1 Desktop appraisals available on vacant land in MN, IL, IA, IN, OH, ND, SD, NE, MO & MI. Full appraisal required on improved property in the aforementioned states, as well as for all other states. Title work necessary in all states.

FBN Network

May 25, 2023

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