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Costs For Appraisal Of Remote Backcountry Property

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alpinista55

Freshman Member
Joined
Sep 13, 2017
Professional Status
General Public
State
Oregon
I am the trustee for a family trust that includes a remote mountain property in Idaho. This property is in the Gospel Hump Wilderness, is composed of several patented mining claims totaling over 250 pristine high alpine acres, and has an airstrip, shaft gold mine and rustic cabin. I have an estimate for valuation from a person who specializes in these types of remote fly-in properties in the $10k range.

I have been trying to find information on the internet of typical fees for this type of property assessment, without much success. I am reaching out to professionals to see if the $10,000 estimate is reasonable. I realize that this is a complex property, but want to be sure I’m not being overcharged for the valuation.

If you have a minute or two I would appreciate your expert opinion.
 

Rick Stillman

Senior Member
Joined
Jan 19, 2014
Professional Status
Certified Residential Appraiser
State
Colorado
I am the trustee for a family trust that includes a remote mountain property in Idaho. This property is in the Gospel Hump Wilderness, is composed of several patented mining claims totaling over 250 pristine high alpine acres, and has an airstrip, shaft gold mine and rustic cabin. I have an estimate for valuation from a person who specializes in these types of remote fly-in properties in the $10k range.

I have been trying to find information on the internet of typical fees for this type of property assessment, without much success. I am reaching out to professionals to see if the $10,000 estimate is reasonable. I realize that this is a complex property, but want to be sure I’m not being overcharged for the valuation.

If you have a minute or two I would appreciate your expert opinion.

There is no rate book for appraisals, especially for a fly in remote property.

Although I am not an appraiser that would take a project like this on, I do know some that do this type of work. I know that some of their appraisals have greatly exceeded the fee you quote, and they were in "civilization" so they were easy to get to. Unfortunately, they are in high demand, and would likely not want a fly in property to appraise.

This is about as "off the wall" as you can get, so I doubt you will find an appraiser that will be able to "narrow down" a fee precisely. If you do find another appraiser that might be interested in this appraisal, by all means get as much information about their experience as you can. Experience is what you are paying for. I am sure you will be able to find an appraiser for a smaller fee, but they might have very little, to no, experience in this type of property appraisal. Working with an inexperienced appraiser, although less expensive, might be the most expensive mistake you will ever make.

Good luck.
 

AMF13

Elite Member
Joined
Jan 24, 2002
Professional Status
Certified Residential Appraiser
State
California
I am sure you will be able to find an appraiser for a smaller fee, but they might have very little, to no, experience in this type of property appraisal. Working with an inexperienced appraiser, although less expensive, might be the most expensive mistake you will ever make.

I don't do those type properties or Idaho, but this is good advice.
Good luck with it.
 

Michigan CG

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Nov 1, 2006
Professional Status
Certified General Appraiser
State
Michigan
$10,000 is $100/hour if the appraiser spends 100 hours on the report (not including expenses).

This property is in the Gospel Hump Wilderness, is composed of several patented mining claims totaling over 250 pristine high alpine acres, and has an airstrip, shaft gold mine and rustic cabin. I have an estimate for valuation from a person who specializes in these types of remote fly-in properties in the $10k range.

If the guy specializes in this type of property you are getting a bargain. If I were in our position I would ask for a couple references. If they check out hire him immediately, it is a bargain.
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
several patented mining claims
You need a mining engineer too. The value of the mineral could be substantial. Mining is extremely difficult to get approvals but mineral collectors in right area pay a mint to get quality display samples. There are gold, copper, lead, and zinc minerals in that region.
 
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