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SC WI | Just did a 1031 a couple months ago, closings were scheduled on the same day. Had the purchased farm under contract before the parcel I was selling. Also had contingency on the piece I was selling that a successful 1031 had to be completed.
In talks with the developer, I would make sure they know that you want to 1031. I would think they would be flexible. Then you start shopping till you find what you want to buy and get both deals to line up. You could also divide and sell a parcel of your land for every farm you buy, instead of selling entire farm at once. Some good real estate agents probably know of stuff coming available or can solicit on your behalf, unfortunately that forces you to pay top dollar. Also make sure you are in contact with a 1031 company ahead of time to make transactions smooth.
I know of two farmers who sold to development and bought farms elsewhere, there is no point being miserable around the city trying to farm.
If your in WI, I can recommend the Realitor that handled mine. | |
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Moving the farm
