Posted by CheeseHead Fred on December 30, 2016 at 06:47:54 from (47.32.47.101):
In Reply to: Landsharks posted by Thomasthetankengine on December 29, 2016 at 16:04:49:
So far this thread is mixing up some important terms. The rules do vary from state to state, because most laws governing land transactions are state laws rather than federal. Here is my take on it, based on Wisconsin law.
Before you sell, get informed about recent land sales. Ask neighbors, ask lenders, ask real estate agents, and verify any suspicious answers with the county's register of deeds office. Be an informed seller before you tell anyone you are interested in selling your holdings.
Get the property appraised by a licensed, experienced appraiser. Before you hire an appraiser, ask how many farms they appraised last year. If the answer is zero or one, keep looking for an appraiser. Ask what they charge, and how long they will take. When you get the appraiser's report, go over it with them until you understand what comparable farm sales were used in their report, and how they calculated the final number.
Next, I would consider hiring a Realtor. I know, not every real estate agent is honest. It's very much like hiring a lawyer. You have to find a good one. Start by asking how many farms they have sold in the last year. If the answer is zero or one, keep looking. Do not share the appraisal yet. Request the agent give you their estimate of list price. If they are too high above the appraisal, it won't sell, and if it does sell, the buyer may not be able to get financing. If the agent's list price is too low, the agent may be uninformed, or may be looking for an easy sale. Insist the agent show you the comparable property sales they used in developing they proposed list price. Compare their list of recently sold properties with the appraisers list. Ask what services they provide, what advertising they will do, and how long they think the property will be on the market. Ask how they plan to communicate with you, like how many call they have on the property each week, and the status of any interested buyers. Decide whether each agent is well informed, and possibly worth doing business with. Keep going until you get at least 2 qualified agents that you feel you could work with. Discard anyone that is just pushing you to list your property.
You can sell your property yourself, but its a lot more work. You will need to plan and arrange advertising, and will need a good lawyer who is experienced in farm tranactions. Incoming offers can be complicated, and counteroffers need to be precisely written to protect your interests. Some of those offers may be written by one of those real estate agents that you chose not to list with.
Sorry to rattle on, but as some of the other posts show, there's big money changing hands, and you only get one chance to do it right.
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