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$1000 per acre 7 years ago? In some parts of the country you would be the one who got the short end of the stick. Seriously, if your family gave you a good price because you are family, fine. They knew what they were doing, maybe they were just making plans to avoid probate. Now it is a legal principle that the informed may not take serious advantage of the uninformed. If an antique dealer offers to buy an item from you for $5 that he knows is worth $500 he is breaking the law in many states. If I (who knows nothing of antiques) offers to buy it for $5 that would be legal. Serious collectors fall in the same category as dealers. I have seen stories where a clerk accidentally undercharged a collector and the store owner was able to have the sale voided because the collector knew it was a mistake. This is like a clerk ringing up a $500 baseball card as $5. With a tractor, who knows. Unless you actually know exactly what is wrong and what it will cost to repair it, the value is harder to set. But if you were to offer a widow $500 for a tractor that would probably sell for $10,000 you would probably be violating several laws. If someone contacts you with a deal to good to be true you are probably fine, unless the real value is several times what he is asking. Personally, if someone offered to sell me a $5,000 tractor for $1,000 I would feel that I had to tell him it was worth a lot more than that. If he offered to sell me a $5,000 tractor for $4,000 I would figure that either it had condition problems or he didn't want to deal with selling it and would feel free to accept it.
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