Strange real estate deal???

There is a farm that lays between my farm and my middle son's farm. 150 years ago it was created from each of our farms as a wedding "gift" to a young couple. The farm is almost land locked in that the only access is down a grade "B" road. Meaning it is not maintained much. Snow not plowed and graded a few times each year. Gravel almost never. Basically a mud road. There is a set of buildings from the 1890s. The house does have electric but no inside water. Good well. The last fellow that lived there passed away 35 years ago. Current owner is his nephew. He has kept the roofs in good repair. So the buildings are structurally sound.

The farm has 240 acres. Only eighty is tillable. Another 60 is in grass hay. The balance is good pasture. The prior owners kept the pastured mowed and the bushes cut. There are a few good springs for water in the pastures. Imagine laying your hands flat with your fingers spread point at each other. Then draw a line across your knuckles. This is how this farm lays, the tillable ground meets up with open sections of my fields and my son's. Then the low ground between the tillable is hills with grass and a few trees. Ledge rock so those ridges can not be used for anything but pasture.

The current owner put the farm up for sale two years ago. Fishing for a "big" fish. LOL Crazy price. The lack of access just kills it. Right now there is a half mile of 6-10 foot snow drifts on the road and lane to the farm. So even the hunting fellows are not really interested.

About year ago I meet the nephew when coming out of the bank. We talked for a few minutes. He told me that he would consider an offer on the farm. I told him a number that was WAY below his current asking price. He was not mad but said he would have to think about it. We shook hands and left it at that.

Two weeks ago he called me and asked me how I wanted the abstract written up. What???????? I kind of stumbled a little bit until I remembered shooting him a price on the farm. I caught up and told him I wanted it split back like it was in 1871 when it was put together. With me owning the side toward my land and my son the rest. He asked if I would pay the cost for the additional lawyer work. Told him that would be fine. Nothing more was said. He called me back the next day saying that March 8th. worked for him to close it all.

I had to scramble around getting it all set up. My son about had a heart attack. LOL This is one reason we have been pushing the fats out the last few weeks.

Went to the lawyers office today. It took a total of fifteen minutes. The nephew never hardly talked. He thanked us for the purchase and shook our hands then left.

I never have had that kind of deal go so fast with so little back and forth. I bet that between the bank meeting and the lawyer office today, we did not talk more than 10 minutes. I was a classmate of the lawyer. He kind of laughed and said Ernie never talks too much. LOL LOL That is for sure.

So now have a spring and summer project list. Will take the fences out between the tillable land. Then build a line fence between my son and I. Will need some wider gates in the current fences. Will see if I want to combine hay/pasture ground to make larger fields. This farm has miles of internal fencing due to the tillable land and hay ground being in 18 different pieces. They average under 8 acres each.

Quite a different perspective on how to use the land than in the past. The largest piece of equipment this farm has ever seen was a JD 3020, three bottom plow, 10 foot wheel disk, two row planter and a 10 foot grain drill. They both used a Gleaner "E" combine with a ten foot header. A lot of the gates are just 12 foot ones.

What are the buildings like that you mentioned? I really like the old farm buildings.

JD Seller- Yup, when I sold our place.....guy said "How much do you want for it?". I gave him a price. He says I'll be right back. He came back with his 'Executive Secretary' with the documents. We signed paperwork and he handed me the cash.


He said we could continue living there if we wanted.


That was it.

You will never regret owning land that borders both your properties. Once in a lifetime opportunity. And, better than having a questionable occupant next door. Good for you.

Ben

Then build a line fence between my son! Why ?

I'm having trouble visualizing the "draw a line across your knuckles". Which knuckles as there are 6 sets, 3 on each hand. It's probably me just being stupid! Apparently nephew had no family to pass it to?

No more land is being made so it must be a great feeling to have this be available.

When my dad told me about a 160 acre farm for sale near him in the late 80's, I told him to tell the guys lawyer we would take it. I sent a check for $10k, he sent me a 10 year contract to sign and the deal was done. Did the same on some land in southern Utah a few years later. Last year we bought our winter home and there must have been 30 papers to sign...too much CYA stuff nowadays.

First piece of property I bought we had it all done in six days. Its not as big as what you bought but I was surprised how fast we closed that deal

JD Seller,

Congratulations. Interesting story.

You may need to post pics of those old buildings this summer. Always like to see old buildings... almost as much as rust.

I agree with Sean that unless it would divide pastures to separate each ones livestock. Knowing Iowa, how are you and your son going to split the rocks?

When I got out of school, I worked for a guy that split up fields into mini fields. Where he lived were buildings in the SW coroner of an 80. He farmed the south forty that consisted of 4 fields fenced off of 10 acres, corn, beans, oats, and hay running north and south. The north 40 ran east and west that he farmed as 2 twenties. He had other farms that were laid similar. Dead furrows and head lands galore.

Congratulations. Capitalizing on the opportunity was perfect. Jim

J D some people have all the luck LOL. Sounds great for all involved. That has to be a good feeling. RB

Great deal for you all! Congratulations to you and your son!

Sean: The land will be split between us. He is getting 125 acres and I am getting 115 acres. There is a section line that runs east and west that splits the farm.

The land has a creek and valley that runs right down the middle of it. That section line darn near follows the creek. Then the hills and ridges go north and south out of this valley. Until 1871 the 115 acres was part of my Great Great Great Grand Father's farm. His daughter married the neighbor's son. Her(my) family gave/sold them 115 acres and his family gave sold/them 125 acres. So the couple had 240 acres to farm. They had to build all the buildings as they just got bare land. My son owns the farm the son's family owned. So we are actually putting the farms back to how they where originally.

The original section line markers are there. I took the county auditor's field man out there last week. We will not need a survey as we are going to put the line right on the section line that is already marked. Just had to have two legal descriptions filed and each abstract up dated.

The house and buildings are on the part goes with my home farm. I now own all the land on each side of the grade "B" road. I am going to have the county officially close the road. I then will build a good road to the home site. The original road was built on a section line with no regard to how the land lays. I can move the lane here and there an make it much easier to maintain.

My oldest Grand daughter likes old houses and buildings. She is coming up tomorrow to look them over real close. The outcome I want to happen is that she likes the setup. I will do the road closing and lane building. Then give a easement to the property. There is about fifty acres that could be split off with the home site and make a really nice place to live. If she likes it I will make it so she can get started there. She will turn 33 this summer. She is getting married in June. Her husband is a farm kid too. I think they could make this into a heck of a good home for themselves.

P.S. On a personal note. Last year I was able to make my first wife's and my dream of our children being landowners come true. I have decided to work with my children to help my Grand kids reach that goal. No free rides but a helping hand towards a better life for themselves.

Congrads on the land purchase. It has to be a good feeling that you are able and willing to help your kids. I still believe you can never go wrong on buying land.

JD, it is really great to see your family work together over three generations. Usually you hear about families in conflict and unable to agree to anything. It is a testament to you to foster this cooperative attitude--this didn't just happen. I hope your grand kids understand how fortunate they are as well as your sons.

I had a similar deal buying some land bordering our farm. The land was part of a larger farm that had been divided and this piece of land - dead flat, creek on one side, but had never sold. The owners were elderly and living retirement in Arizona. I made contact with the owners, made an offer, then counter offer and they came back with double the price as their financial advisor in Arizona said "that property is worth much more... ". I made a final offer with 60 day limit and then forget it. 60 days passed and I forgot it. Several months later, I got a call - they would take my original counter offer. I had a lawyer draw-up a contract and work the details for signing with the Arizona owners. It took about 15 days from start to finish to finish the deal. We are now clearing that land for haying and building a barn later this spring on it. Neighbors were stunned - they had no idea the property was for sale. It wasn't. I think all of them bordering it would have wanted it too. I was the only one that thought to "ask" and wound-up with a nice piece of property. It's going to make a really nice hay field.

Also - from your other post, good for you helping your kids and grandkids get into land.

Bill

the very best to you,,and your family!I sure would like to come visit you someday and take a tour,,I would be trying to help you do some morning chores too

You are an inspiration to us all.

I?ve bought 2 pieces of land, both times the seller came to me.

One I was sitting in a grocery store cafe having a coffee and fella spasked if I wanted to buy a 40 next to me.

Not so long ago neighbor emailed me, said they could buy land they rented for many decades for a discount out of the old fellas estate, but the banker wouldn?t let them buy it all too deep a hole these days. But they could buy it all if they immediately sold off 50 acres, would I be interested and oh the deal expires in 30 days and being a three way deal the paperwork will be very deep...... I?m not hand to mouth poor, but I don?t have that type of cash laying around, that was interesting month.

Paul

Good post JD.
This fall I am hoping to be able to post the good news about getting the 35'x107' city lot next to me. It will have taken 11 years IF I do finally get it.

My uncle up in Fairfax County VA next to DC worked for 20 years to buy the vacant lot next to his,he used it for his garden.Used to say he had the most expensive garden plot in the USA(LOL)

You did good enjoy your new land. An old fellow once told me "time to buy something is when its for sale" and "they don't make any more land"!! I bought a piece not long ago and we could not close fast enough for the seller. Had a strange one similar to yours years ago I inquired about a piece for sale, owner talked to me, went on for a few months he showed up and just assumed I had made arrangements. (I had not) After that I did, singed a bunch of papers left money with the lawyer and was real busy. Heard nothing a few months later I stopped to see the lawyer. He said that was done months ago "been meaning to mail you the deeds but was busy" Well he was slower than death anyway!!!

Dad told my brother and I that he could either leave us an inheritance when we're old (lord willing) and dont need anything, or he could help us out when we are young and getting started and really give us a head start. Because of him we both were homeowners in our early 20s. I hope to be able to do the same for my 2 kids.