Sold my mother's farm, tractor, etc. today.

[RSKY]

Father in law died last year in February. Wife and her sister were discussing what to do with the 28 acres and hundred year old house when my youngest daughter mentioned they would like to have it. So for a greatly reduced price (than what they could have got) it was sold to them. The house has true two by four studs of rough cut oak that is next to impossible to drive a nail into. The outside and original inside walls are tongue and groove boards with sheetrock over them. Heating bills were low with NO insulation. But insulation was foamed into the walls. Wiring completely redone. Floors cut out and new joists and a subfloor installed. New addition with the master bedroom and a car-wash size shower in a bath with heated floors. Looks like an old farmhouse outside but is a new house on the inside. They intend it to be their forever home. Grands are running wild and having fun. And a childless great aunt and uncle is next door to baby sit when needed.

Fourth generation to live in that old/new house.

Wish every old home could have that happy ending.

RSKY

 

[fatjay]

While I'm glad it went well for you, I am hopeful, not optimistic, that it won't become another development. Unless you already have your own farm, I'd move in and semi-retire and farm it myself. The sisters may not look favorably on that but I'm sure I'd be able to come up with something.

 

[RSKY]

It is out in the country so there will be no development.

One main factor made the bidding so cutthroat. Our county is home to the largest cattle wholesaler East of the Mississippi. It is a family run business and they are buying up everything they can get. They pay well for what they buy and are well thought of in the community. Driving the eleven miles from my house to my mother's farm half the fields are full of cattle. Ten years ago they were being row cropped. A fairly large farmer to the south of the farm we sold did not want a feed lot on his border. So a bidding broke war out. The neighboring farmer won the war.

Also a doctor wanted it to build a 'compound' for his family. He ran the price up. Several wanted nothing but the house and a few acres.

There was an intense amount of, "I'll buy these three lots and sell you the house" horse trading going on.

While this was going on I kept whispering, "Keep calm" to my sisters.

RSKY

 

[ultrarunner]

Can’t say that I have ever heard of a home selling via auction here unless it’s a foreclosure action on the steps of the courthouse deal.

 

[TheMan419]

Can’t say that I have ever heard of a home selling via auction here unless it’s a foreclosure action on the steps of the courthouse deal.

House around the corner from us went for auction about 8 months ago. Plus all the contents. It was a small cattle finishing operation with a farm house on it. All the contents have been moved out, but no one has moved in. I am curious what it sold for, but not curious enough to find the records which are on line.

 

[Torvy]

Glad it went well for you.

Sadly, when my grandfather passed, my cousin from Fremont, CA got the farm. No experience and moved from the Bay area to rural SD. They didn't last and now the farm is gone. Most of it was from an historic Homestead Act tract plus another 160 was a Timber Culture Act tract. I had and have a bunch of other cousins who still farm. I wish they could have been gifted the land....The difference in cost of living allowed my aunt and uncle in CA to easily afford to buy the place for their knucklehead son and his ne'er-do-well rugrats. Still a little bitter, need to let it go.

 

[Alan W.]

Glad all went well for you and your siblings.
Understand all too well the albatross house. Have one on the place I inherited from my aunt. My cousins couldn’t sell what they inherited fast enough.
My son will be at least the sixth generation to own the land. Found the original land grant in the attic. Still trying to make the family connection to it.

 

[MossRoad]

Can’t say that I have ever heard of a home selling via auction here unless it’s a foreclosure action on the steps of the courthouse deal.

Real estate auctions seemed to be a few every month around here, at least before the housing market skyrocketed last year. There’s only a couple auction services in the area, and they seem to do them all. Before the downturn in newspaper Classified advertising, there were almost always notices for real estate auctions.

 

[RSKY]

Can’t say that I have ever heard of a home selling via auction here unless it’s a foreclosure action on the steps of the courthouse deal.

It happens! There was no foreclosure, farm paid off before 1970. The auctioneer is third generation in the business. Others in area concentrate on household goods. He spent all his time on the land and house. Food trailer and Portable-Potties set up on Friday. Saturday morning a convoy of seven or eight red pickups pulled in with most pulling trailers. They were set up for sale in an hour. Then took two hours or more to leave after sale finished. They went thru the house doing things like unhooking the refrigerator ice maker, unplugging anything electrical, making sure the water heater breaker was thrown off. etc.. A lot of things they did not have to do, a truly impressive business model.

RSKY

 

[Hay Dude]

It happens! There was no foreclosure, farm paid off before 1970. The auctioneer is third generation in the business. Others in area concentrate on household goods. He spent all his time on the land and house. Food trailer and Portable-Potties set up on Friday. Saturday morning a convoy of seven or eight red pickups pulled in with most pulling trailers. They were set up for sale in an hour. Then took two hours or more to leave after sale finished. They went thru the house doing things like unhooking the refrigerator ice maker, unplugging anything electrical, making sure the water heater breaker was thrown off. etc.. A lot of things they did not have to do, a truly impressive business model.

RSKY

That is impressive. In my county, auctions for real estate are pretty rare. Next county over, they are very common.
Do you mind me asking what his fee was?