Posted by JD Seller on January 14, 2015 at 18:05:10 from (208.126.198.123):
In Reply to: buying farmland posted by howard parker on January 14, 2015 at 16:14:55:
Well $3200 per acre is cheap for land around me but you did not say where in IL this land is. So it is hard to say whether or not it is a good price or not.
Most banks will want in the 25-35% of the purchase price as a down payment or other collateral that would be equal to that amount.
The term "under contract" can mean two different things. 1) The land has a purchase contract already for the sale but it is not finalized yet. 2) If the term "under contract" has a year after it then it usually means that the ground is under a rental agreement for that term. Example: The ground is under contract for 2015. It could also say under contract until 2016. Either of those terms means the farm ground is rented.
Check it out but it sounds cheap in today's market. I am beating that ground has issues. Low fertility or land locked. Something that is reducing it's value.
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