Should I try to buy this farm by Barlows

[JOHNTHOMAS]

This farm is next door to Barlows which could cut down on delivery time and testing of equipment and quick visits to discuss trading and even learning about new Kubota/Landpride Equipment and even great used trade in and using no gas in my truck/car. Just hop the fence or cut a hole in fence and drive my RTV over. SHOULD I TRY TO BUY SOME OF THE FARM NEXT DOOR? Would it induce me to trade more often? Would this purchase rally save me money or cost me more money? It's this morning so need to know quick.........House, Barns & 141 Acres at Absolute Auction

 

[bullbreaker]

Morning Sir ! Looks like prime property , its worth biding on IMO.
My only concern would be loseing big money down the road through "eminent domain" .
Please post a heap of pic's if you win the bid including the Deutz D6006 and equipment, that one comes with a fel mounted on it (rare) !!!

 

[shovelmike]

It might be a great investment in the long run. There is good size cattle operation we pass on our way to town which later became the site of our new regional hospital, I don't remember the exact acreage purchased for the hospital (seems it was 65 or so), the price was 40,000 per acre. The owner made much more money off that deal than he ever did running cattle.
The flip side, being so easy to browse at all that shiny new equipment versus busting knuckles on your old stuff might strain the budget. LOL

 

[LouNY]

Interesting ad for the auction, the land being all broke up into small parcels would lead me to believe that it will be going for commercial use or speculation.
Certainly not for ag use.

And now for a complaint, I never used to see this at auctions now it seems to be becoming more prevalent, a buyers premium in this case 10%.
When did this become so common and in this case so exorbitant?
So far I have been able to avoid any auction that charges this fee.

 

[3Ts]

I'd be very careful about that lead based paint waiver you'll have to sign. The remediation for lead paint could be very expensive. Is there a minimum bid? Why hasn't it sold on the regular market?

I went to one auction like this after the house had been on the market a long time. It didn't sell because the minimum wasn't met. A few months later it caught fire and the whole thing was destroyed.

 

[oosik]

I guess, if you are in the market for speculation investment - this might be a good choice. It is definitely NOT where I would want to build a house and live. Most likely it will be developed as commercial land of some type.

Since the auction is today - it's a little late to be discussing future options with a trusted real estate agent.

 

[JOHNTHOMAS]

Interesting ad for the auction, the land being all broke up into small parcels would lead me to believe that it will be going for commercial use or speculation.
Certainly not for ag use.

And now for a complaint, I never used to see this at auctions now it seems to be becoming more prevalent, a buyers premium in this case 10%.
When did this become so common and in this case so exorbitant?
So far I have been able to avoid any auction that charges this fee.

The 10% Buyers Premium has been standard here for several years and it sucks but all the Auctioneers charge it. I to protested for a couple of years and refused to buy if the Premium was added and was not able to buy anything at Auction. As a Real Estate Broker I actually reduced the Commissions at my Company which stirred up the other Brokers but it was my choice and helped me to list more and sell more thru my Company.
Didn't attend the Auction but interested to find out if Steve Barlow or Mac Metal, across the Hwy, bought it. It is valuable Commercial Property due to location and available water and sewer services and can make a nice subdivision or Commercial site and is to valuable/costly for farm operation. Currently farm land here is selling around 6,000 to 10,000 dollars per acre in large tracts of over 60 acres which is large for here.
It has been for sale for a year or so before going to Auction.
Most large tract sales now do the individual groups/tracts and then combination in different combinations if someone will bump the price for the individual tract by a certain amount. Adding any combination a potential buyers requests with a raised bid to bring the most money for the seller which is the obligation of the Real Estate Broker. Of course the frontage is the most valuable/expensive unless someone wants it all for development.

 

[ruffdog]

Interesting ad for the auction, the land being all broke up into small parcels would lead me to believe that it will be going for commercial use or speculation.
Certainly not for ag use.

I don't see how they can sell parcels that have no legal access to it. I doubt they will break it up unless pieces are attached to neighboring parcels.

 

[sixdogs]

Years ago I faced a similar question and although nervous, I went for it. One of my better decisions. As we look back, we tend to more regret the things we did not do rather than the things we did. Just watch the debt so you can weather a storm. We never know how long we have so my free advice is to do what you want to do and know that life will sort it out.

 

[JWR]

Strange item for TBN ... but, why not? So it was yesterday... What did you do? I have several comments [not knowing what happened.] 1) That is very valuable land in a great location close to interstate highways, not far from big Lake recreation, very farmable if you want to farm. 2) Already being in several parcels means the County cannot force you to consolidate it into one parcel -- thus you do not have to get approval to "subdivide" if you wish to sell off a chunk or two. 3) It will (eventually) bring high dollar for commercial property. What age are you ? 4) As with ANY land "it depends." What do you really want to do with yourself? 5) Should have done a title search on it at the court house long before the auction...6) Are there zoning and or covenant restrictions on it ? etc, etc. DO LET US KNOW what happened and what it sold for. I'll make a totally wild guess and say it went for $950,000 OR that it did not sell at all. Hard to say what the fine print means in an "absolute" auction.