Hiring a CMEA to calculate the replacement or repair cost for your farm equipment is the best decision for a home or business. CMEA replacement or repair appraisals include more than book values. They can determine how much it would be for replacement parts, mechanic and/or agricultural labor, and how the loss of this equipment affected your business. This CMEA appraisal will give your insurance company the genuine cost of your farm equipment replacement or repairs, supporting your insurance claim.
You may find yourself wanting to expand your business. Farm equipment can be used to get a loan from a bank or lender. Banks often require a CMEA appraisal when lending money to anyone using farm equipment as collateral. The requirement of an appraisal is to determine if the farm equipment’s value is enough to secure a loan. That is why having an accurate appraisal is so important.
Selling your farm equipment can be a difficult situation. Finding the most accurate selling price can be tricky if you don’t use a CMEA. Often, as with cars and trucks, we look at book value and use that value for the sell price. CMEAs can produce an accurate appraisal to help you choose the best price to sell your farm equipment. Buyers may also ask for an appraisal, and having one on hand, for them to see could seal the deal.