Posted by John77046 on August 25, 2009 at 12:09:20 from (216.249.206.60):
In Reply to: value of farmland posted by jacksonduper on August 25, 2009 at 10:03:11:
I would have heart-to-heart with the family and find out some more details of trust, wants and wishes of parents, desires of sisters, etc. Might be a few surprises come out - especially when real money starts to hit the table.
Also; do you get first chance to buy if sisters want to sell or does trust state they must sell within a certain time frame? Big difference.
As to price of farmland in this instance if your parents agree to sell I would suggest a Rural Ag Land Appriaser. That way you and your sisters are forever mad at an outside party that determined the price that obviously will be too high or too low. Depends on which side of the market you're on. Also having a third party might make your holidays more enjoyable.
If you go ahead with some type of sale get some legal advice.
As to estimating the price of land yourself; 1) ask local banker, 2) ask County Extenion Educator, 3) get online and look at your State Land Grant University website, 4) ask locals what land has sold for, 5) go to County Courthouse to look at recent comparable sales, 6) look at tax records, 7) discount the future income stream to find the present value, and 8) divide the rental payment by a desired rate of return. The above should get you started in estimating price.
Always remember the circumstances of any land sale when looking for comparables. Was it an arms length sale?
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