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?
We sell tractor parts! We have the parts you need to repair your tractor - the right parts. Our low prices and years of research make us your best choice when you need parts. Shop Online Today. [ About Us ]
Today's Featured Article - What Oil Should I Use? - by Francis Robinson. I keep seein this question pop up over and over again in discussion groups all over the web. As with many things there are often several right answers and a few wrong ones. Some purist I'm sure will disagree to no end with what I will tell you but most of us out here in the real world don't really care do we ? Some of them only bring their noses down out of the air long enough to look down them anyway. If you are like me you are only doing this old tractor stuff because you enjoy it. You
... [Read Article]
Latest Ad:
1964 I-H 140 tractor with cultivators and sidedresser. Starts and runs good. Asking 2650. CALL RON AT 502-319-1952
[More Ads]
All Rights Reserved. Reproduction of any part of this website, including design and content, without written permission is strictly prohibited. Trade Marks and Trade Names contained and used in this Website are those of others, and are used in this Website in a descriptive sense to refer to the products of others. Use of this Web site constitutes acceptance of our User Agreement and Privacy Policy
TRADEMARK DISCLAIMER: Tradenames and Trademarks referred to within Yesterday's Tractor Co. products and within the Yesterday's Tractor Co. websites are the property of their respective trademark holders. None of these trademark holders are affiliated with Yesterday's Tractor Co., our products, or our website nor are we sponsored by them. John Deere and its logos are the registered trademarks of the John Deere Corporation. Agco, Agco Allis, White, Massey Ferguson and their logos are the registered trademarks of AGCO Corporation. Case, Case-IH, Farmall, International Harvester, New Holland and their logos are registered trademarks of CNH Global N.V.
