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How long did it take you to sell your farm?

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  • #21
    Becka - I feel a little confused by your story. Didn't you have a SIGNIFICANT non-refundable deposit on your farm? If you did, then keeping $20,000 or so should have soothed the blow a bit. If you did not have a large deposit, then shame on your realtor!!

    Comment

    • Original Poster
      #22
      One of my summer projects was to paint the barn and storage shed grey, to match the house. We just go the run in sheds this winter, and ordered them grey since I was going to paint the barn and shed. Should I tackle this project now? Paint is one of the cheapest and most effective ways of making something more appealing. Although to a horseperson, the appeal of the facility would be the 14 acres of pasture, lighted ring, and the great condition of the existing buildings and fencing.
      Man plans. God laughs.

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      • #23
        Flash,

        Unless you own the paint already, I'd wait. We repainted our barn to match the house, a green color, and the new owners have repainted it to barn-red. He always wanted a red barn. Of course, they aren't horse people and they have converted it to a workshop!

        Mel

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        • #24
          Flash, from the pictures the whole farm looks nice the way it is, the sheds match the house and the barn is a color barns are supposed to be
          ~ Scarborough Fair Farm ~

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          • #25
            I had one other thought - you haven't lived there very long, have you? When we looked at farms, the first thing my husband wanted to know was how long the people had owned the place. If they had put money & time into it & then were moving with having lived there just a couple of years, he was turned off. Figured they had discovered something REALLY BAD & UNFIXABLE & were trying to pawn the problem off on someone else (namely us).

            There are a lot of factors that affect whether buyers will even look.

            I looked at your pictures & your place looks very nice - much nicer than ours.

            Comment

            • #26
              Evalee Hunter... I find this an interesting perspective, and worrisome, too. We haven't been on our farm very long, but we are facing an unexpected job transfer out of state and will have to put our place on the market soon- I have no desire to sell my dream farm! I do hope that people understand circumstances sometimes dicatate length of time living in a particular place.

              As far as pawning off something bad or unfixable... one would think that between disclosures from the seller and a buyer's diligence in researching the property and obtaining inspections, one could find most serious problems. We all inherit some issues when we buy a property, new or old.

              I have been following this thread with interest, wondering and worried if our place will sell in 1 month or 1 year! (I can't decide which would be better )

              Ponyridertwo

              Comment

              • #27
                <BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by Evalee Hunter:
                Becka - I feel a little confused by your story. Didn't you have a SIGNIFICANT non-refundable deposit on your farm? If you did, then keeping $20,000 or so should have soothed the blow a bit. If you did not have a large deposit, then shame on your realtor!! </div></BLOCKQUOTE>

                I am not confused by the story. I made an offer on a farm earlier this year, a typical offer has contingencies, one of which is usually that the place will appraise at the sale price, and that the buyer can get a laon for the amount they need. If the place appraised much lower than the sale price, then typically a mortgage company wont give you a loan for that amount, and it is "legal" for the buyer to back out of escro before closing.

                I highly doubt the seller would have a "case" in this scenario.
                On the Internet, nobody knows you're a dog

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                • #28
                  What a timely thread. I have my place on the market here in NC too. Been on for almost two weeks and one showing. We thought they were pretty interested but no offers yet. We are waiting on an appraisal for a place in VA we are under contract with. SIGH...anyone want a minifarm in NC?

                  Funny enough, I showed it a few times FSBO and almost sold it but they couldn't get out of a lease...UGH. I just pray nothing falls through with the new place or our places does not sit forever!

                  Comment

                  • #29
                    This is a great topic as I'll be putting my farm on the market shortly as well. I'm very realistic in that horse property will appeal to 1 in 10,000 and that 1 in 100,000 can afford it so I'm expecting this place to sit for a while.

                    I think I have a property that should appeal(indoor ring, yr round outdoor ring with lights, 5 paddocks-all with post and rail fencing) but finding a horse person with the $ to afford it is another story.
                    Sue

                    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.

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                    • #30
                      Perfect Pony - yeah, I saw it didn't appraise & I'm aware of contingencies in contracts. However, a buyer that REALLY wanted the property would appeal the appraisal - we have done so & won (on a house, I admit, not a farm). Or the buyer would seek another lender & thus a different appraiser.

                      Anyway, I think this is something the seller should have been prepared for in advance. The seller (or the buyer) is perfectly free to meet with the appraiser & tell them why it is a great property that should appraise for the asking price (or higher). The seller or buyer is perfectly free to give the appraiser information such as comparable properties, etc., whatever is necessary to bring the appraisal in at the desired level.

                      The bank I was working with TOLD ME TO MEET THE APPRAISER & provide him with the necessary information to make his job easier. I did & got appraisals above the asking price on 2 farms. A motivated seller would have done this, as would a motivated buyer.

                      If I were the seller, I would not let a low-ball appraisal (which is common) kill the sale.

                      Comment

                      • #31
                        <BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by Evalee Hunter:
                        If I were the seller, I would not let a low-ball appraisal (which is common) kill the sale. </div></BLOCKQUOTE>

                        While I absolutely agree with what you are saying, we obviously don't know all the facts, like how low? Was it a reasonable appraisal? Maybe the buyer also found a comparable property for a lot less money and wanted out of the sale bacause the property WAS overpriced.

                        I live in a red hot market, and where I was looking is on fire. Low ball appraisals around her aren't common AT ALL, as a matter of fact the opposite is true. But...there are still properties on the market after almost a year on the market. Why? They are just plain overpriced. And no matter how much fighting with mortagage companies and appraisers you do, if it is overpriced you are not going to get a loan, and not going to get a sale until you find someone who just has to have it.

                        Anyway, like I said no on knows tha facts, but it's my guess that the seller backed out legally and had a reason if the property to this day hasn't sold.
                        On the Internet, nobody knows you're a dog

                        Comment

                        • Original Poster
                          #32
                          We've had 2 parties come looking in the past 2 days. The agent for party 1 could not get the front door unlocked, so they never came in the house. Not sure what the problem was, since agent 2 got right in. I figure that party 1 were horsepeople, they would be more intersted in the land and ammenities, and the house (which is very nice and in great condition) would be secondary. So they'll come back if they need to.

                          We've only been there 2 years, and the only thing "wrong" with the place is the state of Maryland racing. We were originally going to do layups, break youngsters or maybe train a few off the farm, but Mr. Flash is disgusted with Magna and the MD Democrats.
                          Man plans. God laughs.

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                          • #33
                            I'm nosy - are you getting another horse property and if so, will it be bigger or smaller?

                            Comment

                            • #34
                              Flash, the pictures are gorgeous.
                              If you are allergic to a thing, it is best not to put that thing in your mouth, particularly if the thing is cats. - Lemony Snicket

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                              • #35
                                On the other side of the equation, I have friends who sold their house, before it went on the market. They have 18 days until closing. They WANT to purchase a horse property in Northern Kentucky. Since their house sold so quickly, they are definitely in a bind. They can move into temporary housing, but really want a horse farm.

                                Now, wouldn't you think that there might be some horse properties in Northern KY for sale?

                                Everything that they have been shown has been set on the side of hill/cliff, with no pasture land. Do any of you, who are looking to sell your horse farm, live in Northern KY? If so, then please PT me! AUBURN
                                When in Doubt, let your horse do the Thinking!

                                Comment

                                • #36
                                  One thing to consider when selling a farm is that mortgage financing can be a little trickier than other real estate transactions. I had bought and sold a number of residential properties prior to buying our farm, but I learned a great deal about farm financing in the process.

                                  In many cases, farm properties require specialty lenders, like Farm Credit or Southern Financial. I know we have mortgage gurus on this BB, so I won't assume their expertise but just say that it is not as easy as getting a loan for a residential property. Typically you need a bigger downpayment and better credit. Also the rise in interest rates has had a greater impact on farm properties since they tend to be financed at slightly more than the residential rate.

                                  So, the pool of prospective buyers is going to be smaller for a farm but if you get a contract that has been pre-approved for a mortgage, you'll have a good shot that it will work out. In my case, we had to put 20% to get our loan, but we had the cash and it was one of the best investments I ever made. The land values have increased dramatically and I have a place to keep all my horses.

                                  So hang in there Flash. Keep everything mowed and looking pretty. You'll see some traffic and get an offer, I'm sure!
                                  Where Fjeral Norwegian Fjords Rule
                                  http://www.ironwood-farm.com

                                  Comment

                                  • #37
                                    Ah yes, that farm mortgage!

                                    The banks were VERY happy to let me build a bigger house on my land, they want the house to be valued as at LEAST 50% of the entire property value.

                                    That is a lotta house in areas with high land costs....

                                    The old farm, it looked a LOT like Flash's. Hers is definitely bigger and nicer, but same basic deal when it comes to the house, except hers has a basement (whew! no basement is a huge drawback in this region IMO). Comps were also an issue. Since appraisals are all about the comp, and not at all about the property, there simply were not any comps, in my county within 20 miles of my house. You got 20 miles further west and it was not really a comparable property due to commuting.

                                    There is a smallish property, large custom home behind me, a little over 6 acres, 11 stall barn (preceded the house and used to have more land) and it is listed for $1,099,000. I'm waiting to see if it sells for that much and if it does, how long it takes. I almost dread it selling for that much as they will probably be using that as a basis for raising taxes.

                                    Good luck on the sale Flash. Hopefully it will come quickly. Is your farm a comfortable commuting distance to Baltimore? I ride in clinics in Westminster, and it is lovely up there. But seems kinda far for a comfortable commute to DC, although I guess people do it.

                                    Mel

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                                    • #38
                                      Bumping, as I'm getting closer to putting my (microscopic) place on market while also having contract on other house.

                                      Comment

                                      • Original Poster
                                        #39
                                        dkcbr, good luck! Go out now and take a hundred pics of your place, a good pic will get people to come out. I had to drive over to the next hill and climb on top of my truck to get the best ones of my place, but it worked. And buy lots of flowers and put them everywhere.
                                        Man plans. God laughs.

                                        Comment

                                        • #40
                                          Last farm I sold took a while, it was my fault as I found out my first realtor wasn't returning calls to other realtors (he was hoping to handle the ENTIRE sale..getting the ENTIRE commission). Once I got a good realtor (a horse gal, who could truly explain the value to people)it went fast. It is a PIA BUT do keep it spotless EVERYDAY! Plant flowers, go to the library, there are a lot of books on selling your house that will give you good ideas on small improvements that help out.

                                          I had a newer house but small acreage, BUT the place was a showcase...it sold for well over double what a place that had been run down but on double the acreage in the same area.

                                          It's really important to spiff your place up, so you can get as much as possible...of course to spend on the next damn farm!

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