An official website of the State of North Dakota
Collateral Valuation Services offered by Bank of North Dakota include:
- Ag Real Estate Evaluations
- Commercial Real Estate Evaluations
- Chattel Evaluations
- Appraisal Reviews for Ag and Commercial Real Estate
- Appraisal Validation
Who can engage BND’s Collateral Valuation Services?
- Any North Dakota financial institution
- An attorney working on behalf of a North Dakota financial institution
Types Offered:
- Ag land with improvements
- Ag land without improvements
Report Includes:
- Detailed narrative on the real estate being valued
- Market information
- Description of the data analyzed
- Valuation techniques employed
- Reasoning to support the value conclusion
Potential Uses:
- Transactions that do not require appraisal
- Determining the validity of existing value
- Problem loan administration
- Liquidation and workout scenarios
2024 Service Fees:
- Market Approach: $500
- Cost Approach (Improvements): $300
- Site Visit: $350
- Rush Fee: $300*
- Cancellation Fee: $200**
The real estate must be located in the state of North Dakota. The only exception for location will be for collateral located in East Grand Forks, Moorhead, and Breckenridge. Turn times for ag/development land evaluations of 14 business days or less can be expected.
* Rush fee option moves turn time up five business days.
** Cancellation fees apply to requests withdrawn after two business days.
Types Offered:
- Owner-occupied
- Non-owner occupied
Report Includes:
- Detailed narrative on the real estate being valued
- Market information
- Description of the data analyzed
- Valuation techniques employed
- Reasoning to support the value conclusion
Potential Uses:
- Transactions that do not require an appraisal
- Determine the validity of existing value
- Problem loan administration
- Liquidation and workout scenarios
- “As is” and “As complete” valued
2024 Service Fees:
- Market Approach: $600
- Income or Cost Approach: $500
- Site Visit: $350
- Rush Fee: $300*
- Cancellation Fee: $200**
Turn times for commercial evaluations of 14 business days or less can be expected. Market approach is standard service. Additional services and fees can be layered as requesting financial institution deems necessary. Income approach can be utilized for non-owner occupied properties. Cost approach can be added for newer properties.
* Rush fee option moves turn time up five business days.
** Cancellation fees apply to requests withdrawn after two business days.
Types Offered:
- Farm Machinery
- Livestock
- Commercial & Industrial Equipment
- Trucks & Trailers
- Aircraft
Report Includes:
- Specifics on the property
- Comparable property sales
- Description of the data analyzed
- Valuation techniques employed
- Reasoning to support the value conclusion
Potential Uses:
- Providing a value for loan origination and/or renewal
- Determining the validity of existing value
- Problem loan administration
- Liquidation and workout scenarios
2024 Service Fees:
- 1-3 items: $300
- 4-10 items: $400
- 11-20 items: $800
- 21-30 items: $1,200
- >30 items: Custom Quote—Please Contact BND
- Rush Fee: $300*
- Cancellation Fee: $200**
The property can be located in any state, it does not have to be located in North Dakota. Turn times for chattel evaluations of 14 business days or less can be expected.
* Rush fee option moves turn time up five business days.
** Cancellation fees apply to requests withdrawn after two business days.
Types Offered:
- Commercial Real Estate appraisal reviews
- Ag Real Estate appraisal reviews
Report Includes:
- Verification that the valuation methods and assumptions are clearly detailed and well-supported
- Confirmation that appropriate data was gathered and analyzed logically
- Assertion that the value conclusions are consistent with the information in the appraisal
Potential Uses:
- Ensure compliance with technical rules and regulations
- Determine reasonableness of an appraisal
- Measure credibility of an appraisal
- Reinforce confidence in an appraisal
2024 Service Fees:
- Commercial Review: $200
- Agricultural Review: $150
Turn times for appraisal reviews of one business day or less can be expected.
Types Offered:
- Commercial Real Estate
- Ag Real Estate
Report Includes:
- Analysis of an appraisal greater than one-year old using tests to identify change, not value, from time of origination
- Identifies change in physical condition such as new construction, renovation, deterioration or damage
- Identifies changes in economic characteristics such as occupancy, net operating income, market rents and rates of return
Potential Uses:
- Loan renewal
- Subsequent transactions
- Loan monitoring and asset quality
- Special asset management and problem loan administration
2024 Service Fees:
- Appraisal Validation: $500
- Cancellation Fee: $200*
Validations include determining physical or market changes in third party appraisals older than one year. Validations do not provide an opinion of value. Turn times for appraisal validations of 10 business days or less can be expected.
* Cancellation fees apply to requests withdrawn after two business days.
If you have any questions or want to request additional information, contact us at (701) 328-5852 or bndvaluation@nd.gov.