Buying first farm questions on farm loan/ land contract

Posted by JoHnDeereJimOhio on April 01, 2013 at 17:15:39 from (174.231.65.74):

We have been looking for a place and property for a while and finally have decide to buy swmbo's grandmothers farm.. Her father is in charge of her grandmothers estate.. She is still alive and lives with my father in law.. However she is not with it and is declining fast.. There are 8 kids in the family and only swmbo dad had anything to do with the farm and taking care of the mother.. One of the siblings showed interest in buying it, however he wanted to sell off 1/2 of the farm to a mining company so FIL put the kabosh on that. No one else is interested in the farm. FIL said he would tell everyone that we are going to buy it and that we will be meeting with his mothers estate lawyer in two weeks.. I guess here are my main concerns we will be buying 80 acres with about 50 of it tillable currently being rented for corn and beans now.. It has a 40x60 shop an old 2 story farm house that needs redone, large drive threw corn crib and a 40x 80 barn..it also is coming with her grandfathers equipment, 2 row picker plow disc planter and haying equipment as well as a ford 3000& 4000 The property also has four shallow oil wells on it but we are very close to the Utica oil boom in Ohio.. We are getting the mineral rights with it.. We are also getting a very very good deal on the place.. Sorry this is so long but this is my main concern.. We want to get a contract set up quickly because we don't want to miss the opportunity of buying her family farm.. As of now are plan is that it is wrote in contract that we are buying the farm, on land contract starting at 500$ a month until our house is sold and then we can get financed and pay lump sum through farm credit. Does this sound like a logical plan or is there a better way to set this up so that it doesn't slip away.. If anyone has any insight on how to set this up differently id love to hear it..

Replies:

• Re: Buying first farm questions on farm loan/ land contract stonerock 05:57:44 04/02/13 (0)
• Re: Buying first farm questions on farm loan/ land contract GeneMO 05:45:34 04/02/13 (1)
  • Re: Buying first farm questions on farm loan/ land contract formerly ny bill 06:38:52 04/02/13 (0)
• Re: Buying first farm questions on farm loan/ land contract Nathan (SD) 22:24:36 04/01/13 (0)
• Re: Buying first farm questions on farm loan/ land contract John T 19:20:42 04/01/13 (4)
  • Re: Buying first farm questions on farm loan/ land contract David G 20:12:11 04/01/13 (3)
    • Re: Buying first farm questions on farm loan/ land contract John T 05:13:31 04/02/13 (2)
      • Re: Buying first farm questions on farm loan/ land contract David G 06:04:21 04/02/13 (1)
        • Re: Buying first farm questions on farm loan/ land contract John T 06:54:17 04/02/13 (0)
• Re: Buying first farm questions on farm loan/ land contract Frank 41 18:43:48 04/01/13 (0)
• Re: Buying first farm questions on farm loan/ land contract Huskers86 18:40:23 04/01/13 (0)
• Re: Buying first farm questions on farm loan/ land contract Paul 18:28:27 04/01/13 (0)
• Re: Buying first farm questions on farm loan/ land contract donjr 18:04:22 04/01/13 (0)
• Re: Buying first farm questions on farm loan/ land contract evilboweivel 17:49:42 04/01/13 (2)
  • Re: Buying first farm questions on farm loan/ land contract dhermesc 06:09:42 04/02/13 (1)
    • Re: Buying first farm questions on farm loan/ land contract Goose 09:52:06 04/02/13 (0)
• Re: Buying first farm questions on farm loan/ land contract David G 17:26:23 04/01/13 (0)
• Re: Buying first farm questions on farm loan/ land contract Vito 17:22:58 04/01/13 (0)

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