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Kay/NC
Honored Advisor

Re: Need Advice on Land Purchase

Mike, thanks for expressing all of the concerns I was feeling, in your usual comprehensive way. Very good advice to get advice from a lawyer not rigth in that locale...they are supposed to represent the interests of the person who hires them, but conflicts do not always get disclosed as well as they might.
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Pupdaddy
Advisor

Re: Need Advice on Land Purchase

..Bob, you've gotten some very good advice from some very thoughtful individuals. They've probably all faced a decision like yours at one time or another. The only thing I think they might have left out..is how to pick a lawyer. They did advise you to get one close to you...that will make it much easier for you to meet face to face with them. Another thing I thought of..is you need a lawyer who specializes in estates and land transfers...and the one I ended up with, was one the local Ag Credit office uses for title searches on all their farm loans. My loan officer specifically stated that they used him because he was the most thorough attorney they'd ever been involved with. So a good start would be to contact someone in the agriculture lending business..and ask for some references. There ought to be some lender close by who would be willing to share their experience.

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sonoma72
Veteran Contributor

Re: Need Advice on Land Purchase

My advice would boil down to this, you have only been married a short while.  If this is going to be a burden of "any" sort, financial or otherwise, "don't do it!"  

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kraft-t
Senior Advisor

Re: Need Advice on Land Purchase

Have you been realizing income from the half interest that you wife already owns? Or has her mother been receiving life estate proceeds prior to her death.

 

If your wife has been receiving proceeds on her half, you already know if the investment is throwing off income enough to support the debt.

 

Are they seperate parcels or does the mortgager and the wife have a share in an undivided property? Is the balance due agains all of the property or just 1/2? Is the 70% evaluation on all of the property or just the mortgage holders half?

 

It seems odd that she could get a reverse mortgage on property that your wife owns.

 

In any case you need the help of a good lawyer and a financial advisor. Some one that can really run the numbers for you and give you a very real analysis of how the choices would impact you.

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kraft-t
Senior Advisor

Re: Need Advice on Land Purchase

I wish I had read your reply first. You did so much better than I did.

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Kay/NC
Honored Advisor

Re: Need Advice on Land Purchase

Spoiler
 

My position is not to risk what you have in order to salvage a memory of a place as it was once, with her family on it, too.  It is easy to get yourself in over your head, and a lot harder to get back out.  I said up front that I understand the lure of family land as well as anyone, but I woud be the first to say, "It is just dirt...other things matter more." 

 

If her father may have watned her to end up with the whole place, but sometimes things just do not work out as we might wish them to.... You can end up with the deed, and it still won't replace the people who have passed on.  

 

As a young woman, married and moved to my husband's family farm, I considered my father's farm "home" for a long time.  After 19 years growing up and working there, then 20 farming on Mike's place, then nearly 18 on the place we bought together here, I can now see it in a different light. 

 

As we moved and progressed as a family on our own two feet, "home" has come to be, in our way of reference, the last place we have lived together.  Now, I would say that home is truly where my heart - my husband - is. 

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sonoma72
Veteran Contributor

Re: Need Advice on Land Purchase

If this young couple came into my law office 15 years ago I would have a laundry list of questions, but I don't feel it is proper to ask them here, and it is not 15 years ago 🙂  This decision really has nothing to do with clearing up title, that is easy enough.  It has to do with long term quality life decisions, as you have pointed out, that will affect them for the rest of their lives.   Sometimes, if something seems like a stretch and is too hard, it probably is.

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Kay/NC
Honored Advisor

Re: Need Advice on Land Purchase

Sonoma, I have posted to that effect on issues with an emotional overtone before, and sometimes been criticized for it. 

 

I still think that sometimes, the best answer you can hear - or give yourself - is "No". 

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cowfarmer
Senior Contributor

Re: Need Advice on Land Purchase Agree with Kraft t

My opinion first thing you should do is get with an attorney and go over some details. You've got some complicated issues he could probably help you get through, Then decide if it's right or not.

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bob_pfister
Friend

Re: Need Advice on Land Purchase

Thank you all for your replies.  As many of you picked up on this is a complicated situation and there is a lot of family laundary that is best not aired on this forum. 

 

My wife and I took a drive this weekend and had a good talk about all of the pros and cons of buying the property.  Without and Angel Investor or a winning lottery ticket it is just not in the cards for us right now.  We also are feel jeopardizing her other half of the place is not a risk we are willing to take right now. 

 

We both appreciate your honest, thoughtful responses to our problem. 

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