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East of Broken Bow | I never understood why so many want to cash it in today, when they could keep it, and get rent income off of it forever, but maybe I just have a different way of thinking.
I've seen it many times - inherit an 80 or quarter section, auction it off, buy a new RV and boat, and in 10 years have nothing left but a mouse infested RV and a boat that won't start. To me, keeping the land and having income off of it for life seems like a much better way to go.
To the OP:
My response would likely depend upon the circumstances of the family. If there is a widow or kids who need money fast, I would be a lot more generous than if they are just wanting as much $$$ as they can get and they want it now. If on good terms and I thought they were trying to treat me fair, a rent refund plus 10% would be fair, or maybe even ask if they have a selling price in mind from the angle of maybe making a private sale. Often, a private sale is better for the sellers even if they get a little less as they won't have the auction commission, and costs associated with that. If they were being jerks about it, I would want my projected profit, and maybe a bit more for the high fertility, especially if they are being jerks and it is going to auction. At auction, they won't have say over what you can or cannot bid to purchase. | |
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Farm lease value??
