Opinion Needed

[hurleyjd]

Here is the approch I would take. Find out what her palns are, does she want to remain where she is or is she planning to move to town. Any case here is my approch, she has no kids, she needs income, possible to replace what she might have been drawing on her social security and will lose either that or what her husband was drawing. She needs a revenue stream to keep going, returns on money is limited for her as an investment. Offer to buy it with her carrying the note at say 4% over ten or fifteen years. How old is she that also could come into play. Make her the offer and give her a live time estate in the home. Also pay on the note as long as she is alive and atg the time of her death the note is paid off. You will really have to be a good at dealing with her in a way that you do not intimadate her or make her mad at you. Handle it with kid gloves.

 

[skyhightree1]

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.

Don't get me wrong I want the land to raise row crops. I just can't afford to pay anymore than 130,000. I wouldn't divde the property I would rather farm it. I see what you are saying and thats an excellent point in which I have not looked at and thats another option. Thanks for opening my eyes to that.

 

[skyhightree1]

Here is the approch I would take. Find out what her palns are, does she want to remain where she is or is she planning to move to town. Any case here is my approch, she has no kids, she needs income, possible to replace what she might have been drawing on her social security and will lose either that or what her husband was drawing. She needs a revenue stream to keep going, returns on money is limited for her as an investment. Offer to buy it with her carrying the note at say 4% over ten or fifteen years. How old is she that also could come into play. Make her the offer and give her a live time estate in the home. Also pay on the note as long as she is alive and atg the time of her death the note is paid off. You will really have to be a good at dealing with her in a way that you do not intimadate her or make her mad at you. Handle it with kid gloves.

Well she lives on 40 acres with her home that she is not selling.. the other land is her family homestead. She is in her late 70's. I am not interested in her home just the seperate farm. I would gladly do that if it were all there together. I definately will be wearing kid gloves. I need to know what she plans on doing with all the upkeep needed around her home property as well.

 

[greybeard]

Here is the approch I would take. Find out what her palns are, does she want to remain where she is or is she planning to move to town. Any case here is my approch, she has no kids, she needs income, possible to replace what she might have been drawing on her social security and will lose either that or what her husband was drawing. She needs a revenue stream to keep going, returns on money is limited for her as an investment. Offer to buy it with her carrying the note at say 4% over ten or fifteen years. How old is she that also could come into play. Make her the offer and give her a live time estate in the home.Also pay on the note as long as she is alive and atg the time of her death the note is paid off. You will really have to be a good at dealing with her in a way that you do not intimadate her or make her mad at you. Handle it with kid gloves.

I'm curious Hurley.
"at the time of her death the note is paid off"---to who?
If she passes on before the note is paid off, and she truly has zero heirs, the state most likely gets involved, and if her assets (in total) are significant enough, so does the IRS and both have the ability to exact more than the agreed upon price even if it's contractual.
In addition, if she has any outstanding debt at the time of her death, those lenders can put a lien on anything considered an asset, even if it's under a sale agreement in progress.
Unlikely scenario perhaps, but ya have to be really careful with this kind of thing especially when dealing with property purchases involving aged people (like most of us are).

 

[Jogeephus]

If she finances it and its recorded and there are no other liens against it and he is not family then the contract stands and her
Will decides who gets whatever the gov't doesn't take for cell phones or other neat stuff like that. I'd definitely take out a term life policy on myself if I financed it though in case I got hit by lightning. Wouldn't want to strap my wife with debt.

I'd take the tax appraisal to her and show it to her and tell her you don't want to spend that much but would appreciate her smoking it over and setting a price on it for you to consider because like her, you would like to have it too and then you can see just how bad she wants you to have it. Heck, if you finance it she might even leave you the remainder at her death.

 

[sim.-ang.king]

$1500 per acre is dirt cheep now a days no matter where you are. A 200 patch of bottom land sold for $10,000 per acre two weeks ago just 30 mins from my house. See how low she will go, and then buy it. They ain't making land much any more. :nod:

 

[GMN]

I would wait until the man was buried, and give it some time-I wouldn't bring up any favors you did for them throughout the course of the time you rented the land. I mean did you do them favors because you wanted to, or because you expected something in return?

 

[skyhightree1]

SLim yea i think they stopped making it a few weeks ago lol.. Well favors were somewhat both sounds bad but I was hoping they gave me first option to buy it which they did and remembered all the things I did for them but mostly i did it cause was raised to take care of older people.

 

[hurleyjd]

Here is the approch I would take. Find out what her palns are, does she want to remain where she is or is she planning to move to town. Any case here is my approch, she has no kids, she needs income, possible to replace what she might have been drawing on her social security and will lose either that or what her husband was drawing. She needs a revenue stream to keep going, returns on money is limited for her as an investment. Offer to buy it with her carrying the note at say 4% over ten or fifteen years. How old is she that also could come into play. Make her the offer and give her a live time estate in the home.Also pay on the note as long as she is alive and atg the time of her death the note is paid off. You will really have to be a good at dealing with her in a way that you do not intimadate her or make her mad at you. Handle it with kid gloves.

I'm curious Hurley.
"at the time of her death the note is paid off"---to who?
If she passes on before the note is paid off, and she truly has zero heirs, the state most likely gets involved, and if her assets (in total) are significant enough, so does the IRS and both have the ability to exact more than the agreed upon price even if it's contractual.
In addition, if she has any outstanding debt at the time of her death, those lenders can put a lien on anything considered an asset, even if it's under a sale agreement in progress.
Unlikely scenario perhaps, but ya have to be really careful with this kind of thing especially when dealing with property purchases involving aged people (like most of us are).

I did not mean that the note would automatiacly be paid, but the details of why the note would be paid would have to be in the contract with her.

 

[kenny thomas]

I will give you 2 examples of how people remember the good things you have done.
First one is a 75 acre farm I have worked since 1969. As the couple got older I ask about selling and they said I didnt need to buy just keep doing as I had. When they died they left it to 2 nephews. I have farmed it for 15 years since then at no charge and have only talked to the landowners 1 time it that period.
Second farm was my wifes uncle. We took care of his every need because his kids lives 10 hours away. We took him to the dr, stayed with him through him having cancer and finally died from it. He told his kids he wanted to give us part of the farm and they were to sell the rest to us. Neither happened. That was 11 years ago and they decided this summer they wanted to sell it to us at 4 times what it would bring. I said thanks but no thanks.
Good luck with the lady. If she has any relatives they are going to be "helping" her to make the decisions and they will want every dollar they can get.

 

[skyhightree1]

Excellent point Kenny yea I may just walk away if pricing gets too crazy I will always remain a close friend but the days of free work will be over and thats just business nothing personal.

 

[TexasBred]

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.

To avoid any appearance of wrong, have a qualified appraiser do an appraisal on the property. This could be an eye opener for both of you. Make your offer based on this. If you're not willing to give that for it let her know so she can get what it's worth.

 

[skyhightree1]

Good one Texas Thanks

 

[highgrit]

I don't know why Skyhightree would get it appraised for. If she would be happy selling it for 130k, he will be happy to pay that no need in wasting his money getting an appraisal. Doesn't matter what somethings worth as long as both sides agree on the price. I have paid more than what some land was worth and I have paid way less also. If you can get it bought skyhightree and both sides are happy, get it done. I think you know a deal when you see it. Good Luck.

 

[skyhightree1]

I don't know why Skyhightree would get it appraised for. If she would be happy selling it for 130k, he will be happy to pay that no need in wasting his money getting an appraisal. Doesn't matter what somethings worth as long as both sides agree on the price. I have paid more than what some land was worth and I have paid way less also. If you can get it bought skyhightree and both sides are happy, get it done. I think you know a deal when you see it. Good Luck.

Thanks highgrit..EXCELLENT POINTS !!!! yea I only would get a survey done before the final sale to make sure I know the lands true boundaries not just what it seemed to be. If there is an issue with agreeance on pricing then I will get the appraisal done.

 

[Jeanne - Simme Valley]

Appraisals are not cheap - and it's the sellers expense.

 

[Crazy Farmgirl]

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

:nod: ditto!

 

[backhoeboogie]

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.

Went through it this year. Had the place leased for 8 years. New fences, repaired fences, built a new stock tank. Cleaned out empty stock tanks during the drought. Improved the hay fields and grazing fields too. No improvements were discussed. It was their land. Improvements were theirs. Maybe it would have been better if they would have leased it to someone else. Who knows? I don't think so but fact is fact. It was theirs.

They wanted me to have it. I simply could not afford their original asking price. They did not have buyer. They came up with something I could dive into. Now I am in debt again. Cows gonna have to pay for it. Nice place.

 

[TexasBred]

I don't know why Skyhightree would get it appraised for. If she would be happy selling it for 130k, he will be happy to pay that no need in wasting his money getting an appraisal. Doesn't matter what somethings worth as long as both sides agree on the price. I have paid more than what some land was worth and I have paid way less also. If you can get it bought skyhightree and both sides are happy, get it done. I think you know a deal when you see it. Good Luck.

You may "think" you did but without an appraisal whether written or verbal you're just guessing what it's actually worth. Appraisals don't cost that much and chances are you'll need it down the road anyway. Both sides may well be happy "as is" and that's fine until one or both find out what it was really worth and then one is going to have some serious bad feelings. Nothing wrong with a bargain but a steal seldom gives you anything to be proud of later unless you simply have no conscience and I'm sure there are those.

 

[highgrit]

Some times you eat bear and other times the bear eats you. Bought 14 acres last week off the court house steps for back taxes.
I might as well of stole it but I didn't. There are deals out there you just need to hunt them down.