Common Questions
Why are appraisals unique in Wyoming?
Wyoming is one of 12 non-disclosure states.
In a non-disclosure state real estate transactions are not public record, and are not recorded as such. Sales verification and research becomes even more important and time consuming in a non-disclosure state. At Altitude Appraisal we take the extra time to discuss real estate transactions with involved parties. We research sales listed in the MLS database for verification, private sales, and even confidential sales. The appraisal valuation is only as reliable as the sales database used for analysis.
Why is an appraisal needed?
Appraisal services can be needed in many different scenarios in Wyoming. The most common need often thought of first is for lending purposes. There are many other reasons an appraisal is needed:
-Estate Settlement or Estate Planning
-Conservation Easements
-Land Acquisition (Private and Public)
-Foreign Ownership
-Financial Planning (Gifting)
-Tax Appeal
-Litigation (Divorce, Damage Claim, etc.)
-Cash Real Estate Transactions
-Pre-Listing Engagement
-For Sale By Owner (FSBO)
-Vacant Land Development
-Private Consultation
How is the price or bid of an appraisal figured?
When determining the price or bid of an appraisal we take some time to get familiar with the subject property to be appraised. We strive to give a fair estimate upfront. Appraisal costs will vary depending on several factors:
-Complexity of the subject property. Ranch properties are much more complex than a townhouse. Size of the property, leasehold interest included with the property, water rights, unique features that could drive the market (live water, premium fishing/hunting, FEMA zones, zoning/deed restrictions).
-Structural Improvements are inspected and the complexity of the improvements or number of improvements can be a factor in the price of the appraisal.
-Location: is the property remote with travel time to and from the location? Will the property take multiple days to inspect? If the property is remote, the sales used in the appraisal process will also be remote and take time for the appraiser to drive to and inspect.
-A quality appraiser must do their due diligence when searching for deeds, legal descriptions, access easements, any other easements encumbering the property (utility, neighboring assess easements, etc.). Any of the legal documentation you can provide to the appraiser will save the appraiser time and the client money.
-The appraiser is required to be competent with the local market and take the time necessary to become competent if they are not already familiar with the marketing area.
-We pride ourselves in being thorough here at Altitude Appraisal. We want to take the time to do a complete and comprehensive analysis and give our clients an appraisal valuation we feel confident standing behind to protect not only our reputation and license, but protect our clients in their needs for the appraisal.
What is the difference between an appraisal and valuation?
Any market expert can provide a market valuation. All Appraisers must comply with USPAP regulations and have a complete work file with the data and analysis to back the indicated value anytime they present an opinion of value (written or verbal).
How do you become an Appraiser?
There are three different levels of appraisal license:
-Trainee (Complete 75 core class curriculum and application)
-Certified Residential - Able to provide residential appraisals.
-Certified General - Able to provide residential and commercial appraisals. Farm and Ranch are considered commercial.
Requirements for Certified General Appraisers
-Hold a bachelor's degree or higher.
-Pass 300 hours of core class curriculum.
-3,000 hours of mentoring with a designated mentor.
-Pass background check.
-Upon approval of all of the above must pass the National and State Exams for Certified General Appraisers.
Requirements for Certified Residential Appraisers
-Hold an Associate's degree or higher.
-Pass 200 hours of core class curriculum.
-1,500 hours of mentoring with designated mentor.
-Pass background check.
-Upon approval of all of the above pass the National and State Exams for Certified Residential Appraisers.