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Farm fell through, bummed.

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  • Farm fell through, bummed.

    Well the deal on the property we were attempting to purchase fell through. It's been 2 weeks since things fell apart and I am still beyond sad! I know it sounds totally ridiculous to most normal folk that I'm even upset, but alas, it was like being ::this close:: to a dream.... my family is all looking at me cross-eyed, totally not understanding why it is so disappointing.

    I know when one door closes another opens... we just invested so much time and energy into THIS property, the thought of going through it all over again with another property sounds exhausting.

    I was really looking forward to having my mare at home, especially since the barn is a 40 minute commute right now and with my husband and childrens' schedules, I only get there 1-2x a week.

    Anyway just needed to whine for a moment... and hoping there are folks out there who have been on this rollercoaster and had it turn out for the best.
    We couldn't all be cowboys, so some of us are clowns.

  • #2
    What happened? Can the transaction be saved?

    I am sorry as I know how disappointed you must be.


    • Original Poster

      Don't know, don't think so. It was a complex deal because we were also purchasing some assets of the business. There were some issues that arose and we couldn't find common ground, so our attorney told us to walk away.

      I keep hoping that somehow things will iron themselves out... it is a unique property and I can't imagine there are a ton of buyers out there for it, but who knows.

      In the meantime I am trying not to wallow... even though I want to have the kind of tantrum my two year old has when I say no more M&M's. lol.
      We couldn't all be cowboys, so some of us are clowns.


      • #4
        We had three negotiations (months apart) to get our farm. The first time we offered was right after it hit the market and the seller didn't want to come down from asking more than a couple thousand dollars. (We felt that asking was not close to any of the comparables).

        The second, a month or two later, we had sold our home, seriously upped our offer and we ended up going over what I felt our top dollar should be and we couldn't come together (I think the seller thought we would cave, but we walked). I was very disheartened.

        The third time we were two days away from making an offer on a different property (I had seen it but my husband hadn't--but I knew we were going to end up offering) and the seller actually reached out to us out of the blue to see if we would buy the farm at a reduced price and the negotiations started again. By that point the seller had closed on a new place and probably wanted to sell I'm guessing.

        However, we did lose one last year. In retrospect I'm so glad! This place is better. I hope you will have a similar ending! Maybe without all the negotiation drama we did...it was one of the worst negotiations I was ever in, and I think part of it was our realtors didn't rub together well.
        DIY Journey of Remodeling the Farmette: http://weownblackacre.blogspot.com/


        • #5
          I second the "you never know" department.

          We were turned down re: our offer for our current place because we had a contingency on selling our then farmette. (Turns out that would have been a moot point, as farmette sold 48 hours after listing.)

          Several months later, realtor calls & says that the original sale on the place we offered on fell through, & were we still interested?

          So you never know.


          • #6
            I had a similar situation last year this time. Made an offer on a farm and seller came back with his counter offer which was OVER the appraised value. We put money and time into the property and I was devastated. Four days before Christmas we looked at another farm. It was perfect. Old 1850 farm house and bank barn. The price was over 100K BELOW the other farm. Allowed us to build a new barn, put up new fence and still have 50K less in it then the other farm which still needed work. I came on here and people told me "the right place will come along" and I didn't believe them, but within a month it did and now I'm happier then ever!
            Maria Hayes-Frosty Oak Stables
            Home to All Eyez On Me, 1998 16.2 Cleveland Bay Sporthorse Stallion
            & FrostyOak Hampton 2008 Pure Cleveland Bay Colt


            • #7
              Don't write it off yet. We bought our farm from an estate. We made an offer and started negotiations, but then a full price offer came in. We moved on. Of course the people who made the FPO knew nothing about financing farm real estate. They were surprised to find it wasn't a 5% down deal; they need 30% down. So they withdrew.

              Our realtor asked the sellers if they wanted to reopen negotiations with us. We clearly had the wherewithal to make the downpayment and had a preapproval letter on the financing. We ended up knocking $35K off the price and got the seller to make other concessions. Now they understood that a good buyer is hard to find. We have owned the farm for 14 years now.

              Perhaps it is possible to get a 3rd party to inquire or at least let their agent know you would still be interested.
              Where Fjeral Norwegian Fjords Rule


              • #8
                I'm so sorry.

                But all of the marketing and information you have gathered in preparation for this have prepared you for the right location and property. I truly think the right situation will come along for all of you, and at the right time.
                You can't fix stupid-Ron White


                • #9
                  So sorry Flash... I know how excited you were. At least, Mr FG will be in a better work environment now and that should help too to mitigate the disappointment.
                  Best of luck. I hope that you can see the positive side of the experience and you never know... as you said, there won't be many potential buyers... Best of luck!


                  • #10
                    I made an offer on another farm before this one. I was in love with that farm and was very upset when it fell through.

                    Thank dog it fell through.

                    I ended up with a much nicer farm for a lot less money.


                    • Original Poster

                      Thanks guys for all the stories and support. It helps to know things worked out positively for others despite initial disappointments. It seems equine properties are a unique breed when it comes to real estate, and things can take a lot of twists and turns.

                      And thanks Jan and FI... Jan you had a sense about this right from day one and I think your suspicions were correct that maybe this wasn't the deal for us.

                      Anyway thanks again guys. I have a lot to be grateful for this Thanksgiving even if my farm dream is on hold at the moment.

                      PS - FI you have been in my thoughts every day, I hope you are doing well. xo
                      We couldn't all be cowboys, so some of us are clowns.


                      • #12
                        Flash, I'm so sorry to read this but I must agree with the others that negiotions may still be likely down the road. Horse properties are very difficult to sell around here.

                        One friend had her place on the market for over 4 yrs and the ONLY reason it finally sold was the town actually lowered the assessment which lowered the taxes by over $7K. Considering they initially asked over $500K and got less than $300K should tell you something.

                        Another place nearer to me was asking almost $900K and finally sold over 3 yrs later for $500K.

                        I dread putting my place on the market any time soon. What I do realize is that I probably won't get anywhere near out of it what I have in it, but I will have enjoyed the time I had here.

                        Think positive. You may find something a lot better for a lot less. I don't know the condition of the place but remember I said my friend had done summer camp as a kid. Well, she's in her mid 50's now so quite possibly you might have run into a lot of maintanence problems you weren't expecting either on the place.

                        In the meantime, have a wonderful holiday season and enjoy the family.

                        I'm not saying let's go kill all the stupid people...I'm just saying let's remove all the warning labels and let the problem sort itself out.


                        • Original Poster

                          Sue thanks so much.

                          You are very right about the market here. I have seen several properties around here sit on the market for years, and drop by hundreds of thousands. The place I board at was originally listed for close to 800k and eventually went for 350k. I know of two lovely places for sale right now in the 800k range but I think they are both going to sit a long time. I know the one property was built for around 2 million. I do feel for the sellers who are taking a loss on these!

                          I know financing can get tricky too. Someone told me that if you are getting a residential loan, the home has to be 70% of the value of the property, which in a lot of equine properties is not the case. In our situation, the property was zoned commercial and we were getting a commercial real estate and small business loan, so things were a bit different. But I can see how the difficulties in getting a residential loan for a horse property might make selling even tougher, as it reduces your market down to people paying mostly or all cash, unless the home is decent/substantial enough to meet the lender's requirements.

                          You are correct in that the place needed some updating. When we ran into some issues, the attorney said it was just not worth it (nor was it prudent) to continue, especially since we were paying above what the property was truly worth.

                          The worst part was that we had sold our house. Thankfully we were able to back out of the sale, so at least we are not homeless this holiday season, LOL.

                          Anyway.... bottom line is that for now, it is just not meant to be. Maybe things will come back around, maybe we will find something else, who knows.

                          Hope you and your equines are well. We will still have to hook up one of these days!!
                          We couldn't all be cowboys, so some of us are clowns.


                          • #14
                            Sorry Flash. It sure can be an emotional roller coaster.


                            • #15
                              Stay positive!

                              Something else will come along. I can't say it will be something better, but at least something different. We had a "perfect place" that we lost in negotiation - three times the land I have now, beautiful landscaping (current place is more "jungle" than landscape), pole barn/shop with a concrete floor, etc. but it didn't have the stalls and fencing that I have at the place we ended up buying, which is also MUCH closer to town. The house is also smaller and much quirkier than the "perfect" one, but we're enjoying the minor renovations. It is not going to be a "permanent" location for us, though, I need more land. We plan to fix'er up and sell in a few years.


                              • #16
                                What you are going thru is called a learning experience.
                                One we would rather not have to live thru, but it will make your next try that much better/smarter.

                                We do have so much to be thankful for, let the disappointment just flow away.
                                Look with interest to what your future has to offer.


                                • Original Poster

                                  Yeah who knew buying horse properties could be such an up and down experience.... I thought we had this squared away and was just starting to get excited but alas, not to be.

                                  Bluey you are right in that it was a learning experience, and I will definitely take what we learned going forward.
                                  We couldn't all be cowboys, so some of us are clowns.


                                  • #18
                                    Take a deep breath. I realize too that there probably won't be a camp season next year... which may lower the price some more... who knows... even if they come back soon, take your time. If there can't be a season next year, so be it... don't rush and worry.
                                    ETA: I am fine, thanks. Five to go!!


                                    • #19
                                      I think all of this preparation will pay off. And I still think, but can't explain why, that your real camp will be elsewhere, and hopefully in a more year round area, and hopefully with lower property and other taxes. I think with something that would let you do the summer for kids, but fall and spring for adult specialty camps, you would have a greater profit with more campers, and a longer season.
                                      You can't fix stupid-Ron White


                                      • #20
                                        Where ever and whenever your dream property comes through, Flash Gordon, my horses and I will show up to support you! Disappointment is understandable, but somewhere out there is the RIGHT one, for the RIGHT price and it will be yours. We await!