InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Speaking Schedule Store Code References 50 State Resource Data Foreclosure Glossary Foreclosure Statistics 70+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map About Us Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Farmland Posted by Sara_CA on August 16, 2006 at 1:31 AM In Reply to: Farmland posted by Sara_CA on August 14, 2006 at 9:33 PM Thanks for all your responses. The value of the deal is 40 acres at $6.5K per acre. Total $260K. It’s small potato for you big investors but big money for me. The buyer says he is going to grow vegetables on my land. I am sure he also has speculation of land value in mind. Land in this area went up several folds in the last 2-3 years. But the future is anybody’s guess, because RE cooled off everywhere. The land cannot be subdivided, is in Agricultural Preserve Contract. The most he can build is two big country houses. He says he is planning to pay me off in a few years from the profit from his vegetable crop sales. But there are no vegetable growers for miles around. Folks grow wheat, cotton, and alfalfa here. Soil is alkaline. If he goes under I will be able to make payments on the first to bring it current, but will not be able to payoff the first completely. If I have to foreclose on him I cannot sell quickly to recover my initial investment. Farmland in general is harder to sell than SFH. If SFH now takes 6 months on average to sell, farmland will take more than a year to sell. So, should I do a second mortgage? I am not a licensed broker. I am not selling due to my own money issues. But I still want to sell badly, because I want to quit REI for a few years and concentrate on family. The kids are growing up too quickly. Time flies when you are having fun doing REI. Thanks again for your responses. Thanks in advance for any other thoughts and advices. Thanks Ward for this forum. Follow Ups: Re: Farmland Joseph 6:55 AM, 08/16/06 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Thanks for all your responses. : The value of the deal is 40 acres at $6.5K per acre. Total $260K. It’s small potato for you big investors but big money for me. : The buyer says he is going to grow vegetables on my land. I am sure he also has speculation of land value in mind. Land in this area went up several folds in the last 2-3 years. But the future is anybody’s guess, because RE cooled off everywhere. The land cannot be subdivided, is in Agricultural Preserve Contract. The most he can build is two big country houses. He says he is planning to pay me off in a few years from the profit from his vegetable crop sales. But there are no vegetable growers for miles around. Folks grow wheat, cotton, and alfalfa here. Soil is alkaline. : If he goes under I will be able to make payments on the first to bring it current, but will not be able to payoff the first completely. If I have to foreclose on him I cannot sell quickly to recover my initial investment. Farmland in general is harder to sell than SFH. : If SFH now takes 6 months on average to sell, farmland will take more than a year to sell. : So, should I do a second mortgage? I am not a licensed broker. I am not selling due to my own money issues. But I still want to sell badly, because I want to quit REI for a few years and concentrate on family. The kids are growing up too quickly. Time flies when you are having fun doing REI. : Thanks again for your responses. Thanks in advance for any other thoughts and advices. Thanks Ward for this forum. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction. Read our privacy policy.

Copyright © 1997-2006, InnoVest Resource Management
http://www.foreclosureforum.com

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455