Posted by John T Country Lawyer on March 12, 2009 at 05:45:09 from (71.55.26.69):
In Reply to: selling a farm posted by simptruk on March 11, 2009 at 22:52:13:
1) First of all, any auctioneer or real etsate broker etc can WANT whatever,,,,,,,,its all negotiable, so make an offer n see what they will TAKE !!!!!!!! Its your farm to sell and its what YOU WILL PAY that matters NOT what someone WANTS. Shop around for auctioneers or real estate agents is my advice, but cost isnt the only factor, of course, a well established professional might advertise more etc and you will end up with more even with a higher commission........ I can see 7% on a small sales price but as the price increases the commission percentage rates often decreases accordingly
ITS YOUR CALL NOT THE SALES PERSONS WHO ARE FISHING FOR A FAT COMMISSION
2) I practice law in Indiana, and in this state Inheritance Taxes are an issue anytime a real estate transfer occurs due to a death SO YOU BEST CHECK WITH A LOCAL CPA OR ESTATE ATTORNEY, cuz you may end up with penalties if taxes are due and you avoid them !!!!!
3) I DO NOT practice Tax Law but again, check with a local CPA because what I think or you think or farmer Billy Bob (maybe in a different state where laws differ) on this board thinks is WORTHLESS if the IRS thinks otherwise and Id be willing to bet (even in your state where Im unfamiliar with its laws) the IRS is gonna get its grubby greedy hands on some of this money when you sell the farm you inherited UNLESS you re invest within a certain time or take advantage of other tax loopholes CHECK WITH A LOCAL CPA
FINAL DISCLAIMER N ADVICE
CHECK WITH A LOCAL CPA AND ESTATE ATTORNEY FAMILIAR WITH YOUR STATES LAWS versus any lay opinions on this board or even an attorneys opinion cuz if the attorney isnt familiar with your states laws or isnt a tax or estate attorney and doesnt have allllllll the facts even his opinion is basically worthless. With this much money at stake I advise you get local professional advice and counsel and dont hang your hat on your brother in laws or a tractor boards lay advice however well intentioned. Then when you shop for auctioneers or brokers tell them what you are willing to pay (dont even ask them what they will take) n watch them squirm n let them start "selling"
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