| Buying and selling whitetaill farms |
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| This thread designated as DEBATE FREE. All responses must be Constructive and Positive. | |||
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By:
cityhunter
Date:09-Apr-16
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For those that have bought farms in the midwest .How did u locate your farm, realtor, friend etc. For those who have sold farms in the past did u use a realtor ?
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By:
BOHUNTER09
Date:09-Apr-16
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Bought through a realtor. Looked for over a year before the perfect one appeared. land prices have dropped some over the past year in Southeastern Il. With crop prices down, this will continue for a while.
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By:
Ranger rick
Date:09-Apr-16
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I know a good realtor in NE Missouri. Great hunting land, over the counter tags. Big Buck country. I have known him for years. My brother bought 200 acres through him and it worked out great. Pm me if you would like name and #
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By:
t-roy
Date:09-Apr-16
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I have bought 2 different farms in the past 3 years here in Iowa. they were both within 3 miles of where I live. I bought both of them at auction. The first one, I had no intentions of buying it when I went to the auction, but at the price I got it for, I couldn't NOT buy it. Right place-right time. The second farm adjoins my Dad's land & also my home place on the south end. You don't get a chance to buy land that adjoins your own land very often!
I know that my situation is way different that what you are looking at, Lou. I know of another hunting farm that was just recently sold at auction in this area as well. A guy from Connecticut or Rhode Island bought it & has a local guy here that is going to manage it for him. Our zone usually only takes 0-1 point for non-residents to draw here, which is attractive to nonresidents.
The farmland values have gone down in Iowa in the past couple of years, but I'm not sure if it is affecting the recreational land values all that much. If I was looking to sell my land, I'm not sure if I would go the "auction" route.
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By:
XMan
Date:09-Apr-16
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Cityhunter,
I have bought four farms now, two from auctions and two from realtors. Subscribe to Landwatch and get alerts setup for what you want for the location, $, etc. Find all the auction companies in the area and get alerts from them. Call all the realtors in the area and tell them what you are looking for, many have pocket listings on places that don't ever hit the market. Let me know where you are looking, I just bought in IL, and had places in KS and KY, maybe I can point you to a few resources.
XMan
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By:
leo17
Date:09-Apr-16
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I can be your realtor for only 12% commission and I promise I can sell any property for $1500/acre.
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By:
cityhunter
Date:11-Apr-16
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Xman i was told by a realtor in Iowa its illegal to try to sell a property without it being listed sounds like a lie !
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By:
XMan
Date:12-Apr-16
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City, there are plenty of ways to get around such a law and laws vary by state. Many realtors list it after the fact when the property is already under agreement :)
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By:
shortstop
Date:12-Apr-16
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Cityman, as a Realtor who specializes in farm land, I can tell you that it's not illegal to sell it yourself. With a good location and good sense of market value, you should have no problem getting top dollar. However, we annually do a study of sale methods (list, auction, private) and I can demonstrate that, in general, selling privately nearly always generates the least net return to the owner. The auction method is curretnly losing popularity as land values fall, which is very typical. Hope that helps
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By:
Junior
Date:12-Apr-16
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The study of sales method works for whats on paper. How many cash sales are recorded is an unknown. Cash is king and it happens more than most know. Maybe not for the entire price, but 5% cash will make the sale if a guy really wants an edge.
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By:
shortstop
Date:12-Apr-16
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Cash sales, in Iowa, are generally always recorded at the county recorders offices...the same place we gather our annual type of sale data that we use in our study. In 35 years of business I can't think of any sale that I've been a part of that's not been recorded. It's very risky not to. If in doubt, ask your attorney their opinion on this.
About any rural lender is going to need at least 10% "down"....money you'll have to come up with (hence cash).
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By:
Junior
Date:12-Apr-16
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Shortstop, I gotcha. I am talking about private sales without the realtor, strictly between the buyer and seller. Shoot, we have buyers grant farming/hunting rights to the sellers also. All under the radar of Sam. City, If you ever think about a private sale to a farmer. Include exclusive lifetime hunting rights with the sale. Have your cake and eat it too. Happens all the time, and some farmers could care less about hunting. That is if your selling.
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By:
shortstop
Date:12-Apr-16
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Not to beat a dead horse here, but purely in the interest of keeping land buyers/sellers out of trouble......whether it's a private sale without a realtor or with one, please record the deed or contract for deed.
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By:
kscowboy
Date:13-Apr-16
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Sale by attorney is going to be much cheaper than using a realtor to push paper for you. You are paying for marketing and selling efforts of the realtor, not their expertise in paperwork. If you already have an acceptable price with a buyer or seller, hire an attorney to draft the contract and manage the title work.
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By:
shortstop
Date:13-Apr-16
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kscowboy, you are correct with one HUGE assumption....that, as a seller, you get what a Realtor can get for the property. If you're under that amount much, not using a Realtor to help you set, or get, the maximum price just cost you a bunch on money. If you're a buyer, try to find a private sale as they're many times "under the market" as stated earlier.
Always have an attorney review any paperwork you may be signing.
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By:
XMan
Date:13-Apr-16
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There are some major advantages of using the RIGHT realtor who is in the know for the area you desire. Considering a purchase 1000 miles away is no easy task, it takes a ton of research, many trips and lots of patience. I couldn't have bought a few of my farms without one, he did a ton of legwork and smoothed out some major issues that likely would have resulted in me walking away from the deal. I have sold two farms using realtors and in one case they found a buyer who was willing to pay top dollar. I guess what I am saying is its not a one size fit all here. Sometimes you get lucky and find a great bargain without a realtor and other times you find THE place of your dreams using a realtor and don't want to pass it up.
