elderly neighbor, in his mid nineties, passed away a couple years ago. Very good neighbors, first dad, then the son, rented his 180 aces for decades.
The elderly fella had a deal in his will, the young neighbor could buy the farm for a good percent off its aprased value for one year.
Unfortunately, the fella passed at the exact peak in land values, and values already had dropped 20% or so, and looking down....
So, what was a very nice deal for life long friends and neighbors, ended up not looking so good tot he bank... they were only willing to extend for half of the farm, 80 acres.
With only a few weeks to go, the neighbors came to us and asked, if we would buy some acres, they could buy the rest of the 80. Otherwise, it would go up for auction.
Yikes. Wife and I didn't really need more land and debt where we are at..... but wife said she didn't want new neighbors, so go ahead.
So we said ok, and pretty much had to go with the same lender, and just sign papers as they came, with the very very short deadline.
We also agreed to a first refusal clause, if we sell the land they have a right to match the price and buy it back.
Now, the deal made sense and all, but still, it was very fast, kind of a big commitment in a very short time, something I wasn't looking to do at my age, no kids, etc.
Mostly we really hope it helped out the neighbors. They didn't get to buy the whole 160 acres, but they got more with us than they could have without.
And, the many thousand acre vultures didn't get a chance at that 80 acres for now.
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