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| On buying a farm (for Flashie) | |
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| Tweet Topic Started: Nov 22 2012, 09:21 AM (194 Views) | |
| Robin | Nov 22 2012, 09:21 AM Post #1 |
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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 | Nov 22 2012, 11:22 AM Post #2 |
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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 | Nov 22 2012, 02:56 PM Post #3 |
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You're BANNED!
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I am with FG on this one! |
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| Twiceshy | Nov 22 2012, 04:27 PM Post #4 |
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Off visiting Candy Cave, be right back.
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Robin, what a great story. Fishy, take heart!
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Robin, what a great story.
7:22 AM Jul 11