Posted by Mike (WA) on March 12, 2009 at 08:17:09 from (69.10.199.245):
In Reply to: selling a farm posted by simptruk on March 11, 2009 at 22:52:13:
About the only reason to auction real estate is desperation, IMHO. If you just inherited it, you're obviously not "under the gun" financially, so why not advertise and sell it yourself, or list it with a good farm realtor? Auction just isn't a good environment for selling real estate- too difficult to get people pre-qualified, etc. And by the way, 7% is outrageous- for as little work as he will do, 2 or 3% is much more in line. If you're going to pay what amounts to a real estate commission, why not get the services of a realtor as well?
If it were mine, I'd sell it on a real estate contract. Best interest rate you can get- where else are you going to invest at 6% these days? And if buyer defaults, its pretty cheap to forfeit the contract and get it back.
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Today's Featured Article - Show Coverage: Godfrey, Illinois Country Days - by Cindy Ladage. Except for last fourth of July's Old Gold show in Springfield, Illinois, I don't remember when it was so hot. Nevertheless, the heat didn't keep vendors and visitors alike from enjoying the third annual Country Day's Event. Jane Elliott said the event was originally a one man show. "Barry Seiler, owner of Country Town Farm Supply store used to invite people up to the Johne Deere store. He would give hats and a free meal for everyone that brings a tractor." Elliott said while this
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