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

[RSKY]

I found out something today. If you want to sell property, have an auction.

Sisters and I were hoping to get $5000/acre for 63 acres and $100000 for the house and 4 acres.

Holy Guacamole !!

We got nearly double that.

This auctioneer knew what he was doing. He advertised everywhere. Heck, they even had live music.

Didn't have too many emotions about the sale until they put the tractor up for bid. THAT HURT. Mom was famous/notorious in the area for being out in the fields on that tractor. It's sale kinda put an end to her story. But maybe not, she has twenty-two direct descendents.

Anyway, don't list it, auction it.

RSKY

 

[scaredychicken]

wow

 

[MossRoad]

Good for you and your sisters!

 

[Thomas]

Gald it work out well for you both...cherish memories yester years.

 

[2manyrocks]

Cash has a way of disappearing. Now you have to figure out how to reinvest it.

 

[Diggin It]

Between the auctioneer, taxes and other fees and costs, they'll only get about half. And that's assuming there aren't a bunch of legal/probate costs.

 

[grsthegreat]

Between the auctioneer, taxes and other fees and costs, they'll only get about half. And that's assuming there aren't a bunch of legal/probate costs.

Depends on the state and whether it was a probate sale. When I sold a rental house in idaho, I did not have to pay a cent state or federal as it was under the level set by fed govt at time of sale. Depends on lots of factors.

when i sold an inherited house in Calif i didnt have to pay federal, but did get hit with communist calif taxes.

 

[ultrarunner]

When my cousin quit farming he started selling off land and equipment.

Farm had been in family for hundreds of years.

It’s been 20 years but the emotions are still there… especially thinking of the generations keeping it all together.

The wealth supported quite a lifestyle but mostly all gone now…

 

[Jstpssng]

We will be selling the 30 acres which has been in the family for <150 years, when my mother can't live there anymore. What once was rural is now surrounded by houses on 4-10 acre parcels. Supposedly an abutter wants to buy the land to keep it from being developed. I don't really care, when she's gone I will have no reason to go down there.

 

[ultrarunner]

I realize each situation is different…

My brother’s place is an original 1850 homestead bought from the original family…

They had mixed emotions but no one in the family could or would step up to take it over…

The family still keeps in touch and asked if they could have a rehearsal dinner after the sale and it was a great time to learn more about the property as family from all over the US came for one last gathering on at the old homestead…