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Michigan | About 3 weeks ago I asked about a CPA involvement with a land purchase offer I made. Here's how it went and what has evolved.
First what had happen was a farm had come up for sale nearby. The farm is about 75 acres of 1/4 clay,3/4 sand/gravel. Not a farm that I'd bid very high on( I have enough light ground that is at the mercy of the rain gods in the summer). That owner called and said we are taking bids from the neighbors. ( they called 3-4 neighbors and I was the only one that ended up bidding on the farm)
The bid was not enough for them so now it's up for Auction.
After I'd made my bid on that farm I though about other ground in the area I'd like to have someday. So on a Saturday morning I picked up the phone and called a neighbor who owns a farm nearby that is a much better farm with more potential .(this is the farm I was asking CPA info about) his wife had answered I told her who was calling and I asked flat out on the phone" would you be interested in selling your farm?"
She was extremely interested at what I had to offer and made mention of how I'd help them in the past and that they were grateful for that. she wanted everything I'd mentioned wrote up on paper and signed to show their CPA and to find out what payment schedules would be because they would want a land contract to save on capital gains etc. I did what she asked and even offered to let them farm the land another year to ease into retirement so to speak.
Well three weeks have gone by and today I received a generic type letter in the mail from them. It went like this,To whom it may concern, we have decided to rent out our farm, please turn in you bid by April 1 2016, thank you signed ( their names)
I assume everyone in the area received one of these letters. What have I started? I'd love to rent it but can't compete with some of the BTO's in the area.
My Earlier post
QUOTE]keving - 1/9/2016 13:52
Just got off the phone with a potential farm sale. The owner is taking my offer and going to their CPA on Monday to show him my offer and the details of what each of us want/ agreed to. My question is,is it possible for the CPA to advise them to try and get more money? Or is his job to help them avoid Uncle Sam the best way possible? Or both? I don't want to lose this opportunity yet I don't want to pay more. I assume the CPA should stay out of the purchase price Details,right?
Edited by keving 2/4/2016 18:21
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I think i may have shot myself in the foot!! ( so to speak)
