How does the appraisal work, and how long does it take?

Question

Turnrow Capital · Accepted Answer

A licensed appraiser with rural competency visits the property and delivers a written valuation, usually in 1–3 weeks from order. It is the long pole in the 2–4 week closing timeline, which is why Turnrow orders it the day you sign the term sheet.

Ag appraisals are their own discipline. The appraiser works primarily from comparable land sales in your county — price per acre for similar soil classes, water, and access — supplemented by an income approach where cash-rent data is strong. Improvements like irrigation systems, grain storage, wells, and fencing get valued; a habitable dwelling on the parcel gets its own treatment within the report.

Timing varies by geography more than anything else. Counties with an active rural appraiser bench turn reports in 7–10 days; remote areas with two qualified appraisers covering five counties can take three weeks or more, especially in spring and fall when farm lending peaks. Your one job is access: respond fast when the appraiser calls to schedule, and make sure gates are open and the tenant knows they are coming.

You receive a copy of the completed report. Beyond setting the loan amount at 70% LTV, it is genuinely useful paper — borrowers use it for insurance, estate planning, and as a negotiating benchmark on the next parcel.