I am in need of some advice. My wife ( from nam) is co-executor over an estate with her brother. The primary asset of the estate is a farm with a home on it. The home itself is not really driving the value of the property as it is a small home in need of substantial repairs and remodeling if any buyer wanted to live in it. The house though sits on over 75 acres of land in what has been a hot area.
The family decided to target ~ $20k or more per acre before the downturn. They accepted an offer from a family friend at $18.5 per acre (no realtor involved so about the same net amount as they wanted) but he was unable to secure the loan - this was in May.
Since then, the neighbor has come forward and made an offer. This property is adjacent to his property. His offer is contingent on the property appraising for $17.35 per acre (still no realtor fees) but we are told he has secured the financing and locked in a rate through the end of July. My wife is in favor of taking this offer but her brother thinks they should wait and try to get more money. A paid adviser (farm and ranch appraiser) to the family, who is knowledgable about the market, said Land Bank rates are headed to 8% and advised them to take the offer. He said he is selling some of his holdings for the same reason.
The co-executor (no particular real estate or finance experience) is concerned that we don't have enough dispassionate insight into the market. Any professionals on the board, I would welcome insight into your thoughts on:
1) buy/hold
2) Short term (6 -12 months?) are you seeing rates and the buyer pool being impacted ?
3). Outlook for 12-24 month window?
I appreciate any advice OBs are the best!
The family decided to target ~ $20k or more per acre before the downturn. They accepted an offer from a family friend at $18.5 per acre (no realtor involved so about the same net amount as they wanted) but he was unable to secure the loan - this was in May.
Since then, the neighbor has come forward and made an offer. This property is adjacent to his property. His offer is contingent on the property appraising for $17.35 per acre (still no realtor fees) but we are told he has secured the financing and locked in a rate through the end of July. My wife is in favor of taking this offer but her brother thinks they should wait and try to get more money. A paid adviser (farm and ranch appraiser) to the family, who is knowledgable about the market, said Land Bank rates are headed to 8% and advised them to take the offer. He said he is selling some of his holdings for the same reason.
The co-executor (no particular real estate or finance experience) is concerned that we don't have enough dispassionate insight into the market. Any professionals on the board, I would welcome insight into your thoughts on:
1) buy/hold
2) Short term (6 -12 months?) are you seeing rates and the buyer pool being impacted ?
3). Outlook for 12-24 month window?
I appreciate any advice OBs are the best!
