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On buying a farm (for Flashie)
Topic Started: Nov 22 2012, 09:21 AM (194 Views)
Robin
We're on a bridge, Chaaaaaaaaarlie!
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I don't often have much useful to suggest but I thought this tale
of trouble and triumph might help Flashie feel a bit better about
her camp purchase.

Back in the mid-1980s my DH and I decided we needed to buy
our own farm rather than board. We looked all over the area
where we lived but everything we saw in the Twin Cities was
either too expensive or small and run down or just plain weird.

Finally, someone told us if we looked across the state line into
Wisconsin (Twin Cities is near stat border) we would find more
affordable property. We went to a couple of real estate agents
and were shown some properties. We didn't like any that we
were shown and I joked to the agent that he should show us
something like an advertisement in a regional horse newspaper.
Next thing I know he has an appointment for us to see this
property. I kept saying it was far too expensive and he said
just look and have it appraised if you like it. It was a lovely
80 acre arab farm with a lovely old house that had once been
the village's public inn when the town had a train stop (previous
century). We were very surprised that the appraisal came in
about half the asking price. We offered at appraisal and the
seller said on Friday that she would sign acceptance in her
lawyer's office on Saturday. Then she called back and said
it would be Monday. On Sunday she sold to someone else.
We were sad but nothing for it. Verbal agreements don't
count in real estate.

So we then offered on a facility with a riding program that
was likely to go bankrupt as the owner/instructor had been
injured in a car accident and could no longer work. The
owner's bank was eager for us to buy and were going to
help with financing. The owner accepted our offer which
was contingent on appraisal. The seller's bank chose the
appraiser and came back with a value so low we suspected
this appraiser didn't know anything about the market with
such a high value on the indoor arena (which was on a
separate parcel that we were not buying) that we could
have built 3 of them for that money. Deal fell apart and
seller blamed us even though it was her bank that chose
the appraiser.

Next the agent took us to a bankrupt dairy farm. He
explained that there was an accepted offer on it but
the buyer was unwilling to pay the new increment of
property tax that had become due and the seller was
truly bankrupt and had no money to pay. Their
dispute went to court and buyer's offer was set aside.
We ended up purchasing a 100 acre dairy farm with
a traditional dairy barn and a 7 bedroom house (and
we don't have kids <g>) with a sugarbush, a limestone
quarry and a machine shop for $70,000! And the
local farmers were so glad to see someone who was
not in financial trouble buying the farm that they all
stopped by to welcome us to the neighborhood.

THat was back in 1988. I wouldn't trade my farm
for that beautiful arab place now. I didn't even
list the four other farms we had contingent offers
on at the time we bought this place. It was a real
roller coaster ride buying the farm, but it sure
ended well. I hope you will find the same when
you look back in a couple decades.
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FlashGordon
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You're BANNED!
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Robin, thank you so much for sharing! I have a lot to be thankful for this year and it seems silly to be sad about the farm deal, but a part of my is definitely bummed. It is good to know that someday my farm dream WILL come true and that things sometimes do happen for a reason.

I have learned that life truly laughs at the plans you make... but that is ok, because sometimes something better lays ahead.... ;)

Thanks again and best wishes to you on this Thanksgiving!!

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gunnar
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I am with FG on this one!
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Twiceshy
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Off visiting Candy Cave, be right back.
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:rose: Robin, what a great story.

Fishy, take heart! :luck:
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