Opinion Needed

[skyhightree1]

I have been renting some land from a older couple since 1998. They have no kids to leave there land too. Unfortunately the husband died this past week and the wife called me and asked did I want to purchase the farm I have been renting which is 118 acres about 6 miles down the road from my house. The wife asked me to be a paul bearer in which I agreed. I asked her how much did she want for the land she advised me that she didn't know she hadn't really thought about it. I looked up tax accessment and its accessed at $168,000. I really only wanted to offer $130,000 she said she really wanted me to buy it cause i took care of the land and $130,000 is my comfort zone anything more i may tell her to sell to someone else. Do you think it would be wrong to tell her before she gives me a price think about all the stuff I have done for them over the years and not charged them? They had a habit of always wanted me to work for free but they wanted there rent money and it better not be late. Should I mention that or just let her tell me what she wants then mention or not say anything at all ? I don't want to sound like im greedy or trying to take advantage of her but geez I have done alot for them and still continuing currently. I honestly will be pissed if I don't get a discounted price and anytime she calls me over to do storm clean up she will get a bill like everyone else no more freebies.

 

[Isomade]

I would either offer what I could pay, or wait till she gave me a price then offer what I could pay. I sure wouldn't bring anything else into it. It's her land and she needs to get everything she can for it.

 

[Kingfisher]

Take any needed repairs or problems with the place off the price
in order to get to a price your willing to pay. You might also
Consider selling part of it to get to an amount owed that your comfortable with.

 

[skyhightree1]

Yea, I understand both views. I understand what you mean ISOMADE i may just do that also great point KINGFISHER but the land is fields I need them to raise soybeans on. I raise beans on it and hunt it as well.

 

[ohiobeef]

Not sure what land in Va. is bringing, but around here,that is a steal. 6,000 to 10,000( & some higher) an acre here in the midwest. good luck

 

[skyhightree1]

well i looked at her tax stuff and some land was only valued at 300.00 per acre and some of it 2000.00 some 3,000.00 not sure why no land is swampy there. The value of land is different in each county due to the fact there may not be alot of land available which drives the price up.
l

 

[denvermartinfarms]

Offer what you can pay and let that be it. I would not mention anything i had done for them at this point, not that there would be anything wrong with it but i have found that you don't ever do something for anyone and expect them to do anything for you,You just help when you can and know that you have done the right thing.I also agree that after beeing craped on to many times it has to end i have been there to. Overall if you can only pay so much for something that is the best you can do and that has to be it.I don't know about there but here land is not worth what it is accessed at the accessor allways has land higher than what it would sell for.

 

[skyhightree1]

Denver you are right about the accessed values which is why i only want to offer what i can pay.. I also wouldnt pay the accessed value on anything

 

[houstoncutter]

Put your negative thoughts aside, they are of no value in your offer. Make your offer that your comfortable with, and let her decide. Its business, dont make it personal... Most of us have did things for older folks that we didnt get paid for. Thats just life and respecting your elders. Good luck.

 

[Aaron]

Pay what is comfortable to you. It's just land. And for me, 6 miles down the road would be too far for me to be interested. Now next door...might be a different story.

Land is never worth its assessed value.

Also, make a list and make sure the land is worth what you paying for it. Example, I would knock a good $5,000 or more, per mile, of fence that needs immediate replacement.

 

[Bigfoot]

She will want all she can get. I think anyone would in her position. I would think comparable sales would be a more accurate measuring stick than a tax evaluation.

 

[Ryder]

If you want her to give you a break now for something you did for them in the past this amounts to your charging them for the work but not telling them until later. Now you want to put a guilt trip on her to shame her into giving you a better deal on the land?
Seems to me that is not real honest.
Why not just be glad you were able to help someone that needed help and feel good about what you did.
The past is done. Let it be past.

The land deal now is another deal. Treat it that way. Just business.
Make your offer to her and tell her that is the highest you can comfortable go. If she doesn't agree to your offer, that is her perogative. Bless her and move on.
Win, lose, or draw, act with integrity.

 

[shaz]

I have been renting some land from a older couple since 1998. They have no kids to leave there land too. Unfortunately the husband died this past week and the wife called me and asked did I want to purchase the farm I have been renting which is 118 acres about 6 miles down the road from my house. The wife asked me to be a paul bearer in which I agreed. I asked her how much did she want for the land she advised me that she didn't know she hadn't really thought about it. I looked up tax accessment and its accessed at $168,000. I really only wanted to offer $130,000 she said she really wanted me to buy it cause i took care of the land and $130,000 is my comfort zone anything more i may tell her to sell to someone else. Do you think it would be wrong to tell her before she gives me a price think about all the stuff I have done for them over the years and not charged them? They had a habit of always wanted me to work for free but they wanted there rent money and it better not be late. Should I mention that or just let her tell me what she wants then mention or not say anything at all ? I don't want to sound like im greedy or trying to take advantage of her but geez I have done alot for them and still continuing currently. I honestly will be be nice if I don't get a discounted price and anytime she calls me over to do storm clean up she will get a bill like everyone else no more freebies.

You may want to get it appraised.

 

[ANAZAZI]

Houstoncutter and Ryder sums up my wiew of the matter very well.

 

[gonzo]

i'd wait till she gave me a price and then counter offer if needed . Who knows she might want less :?

 

[skyhightree1]

You all have excellent points. I guess I should have charged her when I built the 2 acre pond behind there house lol I just hope she remembers those things before she gives me a price lol I will wait and let her give me a price and le you all know how it turns out. By no means was I trying to guilt trip her.. I just think sometimes people need a reminder that hey I was nice to you ... return the favor when I need it. I definately will act with integrity and with tact. I also agree with taking care of elders and friends.

 

[highgrit]

If you buy the land for anything less than 2,000.00 per acre you stole it. Farm and pasture land is a premium. I have been looking for 50 -100 acre's of land in VA. WV. KY. to build a cabin on. Been looking a few years now, and the longer that I wait the higher the price goes. Most all land is taxed at a lower rate, than the actual value of the land. Good Luck

 

[greybeard]

Tax appraisal and market value are 2 different things--with tax appraisal almost always more than market value--sometimes, if appraisal isn't current, it can be much higher or much lower than true market value.

If you've never had an independent appraisal done:
An independent appraisal will take into account a lot of things, including those freebies you did for the couple over the years on that block of land--if they are evident. They'll be seen as improvements and added in to as more value to the owner. That appraisal will also do a search for nearby pieces of land sold/bought in the last couple of years that were close in condition to the one you are interested in and will be able to access what they actually sold for--not just tax appraised at. If you ask the independent appraiser to, he will also do a search for all mineral right holders, and figure in any oil/gas production potential if you live in an area where drilling is common. And of course, ag potential may be included as well.
That appraisal is more than just a figure.You end up with a dozen pages of pictures, reports, deficits and asset description of why the land is worth what the appraiser thinks.
Independent appraisals are also a good tool to have if you are going to contest the county or state's tax appraisal level. The last one I had done cost me $1200, but the info allowed me to take it to the appraisal district's office and get my annual property taxes decreased by almost that amount.
It's to both the seller and buyer's advantage to know what the property is really worth--she may be willing to split the cost of the independent appraisal--but bear in mind, it's a double edge sword. It may come back that the property is worth more than she is currently asking for it.

Don't forget to get a title search done.

Never take it for granted that there are no heirs either. If something happens to the widow, they are likely to come out of the woodwork.

Raw land here is generaly going for over $2K/acre if it is flood free.

 

[skyhightree1]

Thanks greybeard I will work on getting an appraisal after I find out how much she wants.. and have a title search done as well. It has a few portions of the property that hold water in it and get kinda wet and swampy if alot of rain. They had no kids so not sure if any other family may have a claim to any of it.

 

[john250]

Skyhigh, I honestly think you aren't seeing the forest for the trees. I looked at a map. You're 25 miles from Richmond and closer than that to I-85 for starters. If you don't want to farm the place, slice it into 4 or more and sell each for what the widow is asking.
Were it me, I'd have a check in the widows hand before the sun goes down Monday. All the caveats mentioned by others apply. Make sure you get a survey and clean title.
I'm in a rough, hilly, wooded area and thats still a great deal. If she lists it with a realtor or auctioneer you'll be looking at a lot more money, I think.