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Dilemma of selling one of my Iowa Farms

M

mswaldo

Member
I live in Wisconsin and am getting older (59). I want to upgrade my Wisconsin hunting from what I have. Might have found something new with great deer age structure and neighbors to keep it that way. My problem comes in with trying to make an offer on the new piece. I think the seller wants it gone fast, but I would have to sell one of my 4 farms in Iowa to afford it. Unfortunately, it is my best farm. That is where I have the most equity. I want to do a 1031 exchange but may need to do a reverse exchange. Big thing would be to sell the Iowa farm fast when I get an accepted offer but not sell it unless I have an accepted offer for the new farm. I have my current WI hunting land that I would sell also but not sell it unless I have accepted offer on new farm. I'm hoping to keep contingencies minimal on new offer to make it appealing to the seller. A lot of moving parts. :(

It's kind of fun going through these things, but stressful. A guy can learn a lot. I just hope I can make it all work.

Open to any suggestions
 
I would never sell my best of 4 farm. I would shoot for the middle two . Kind of feels like your doing a little fishing for interested parties on here without saying that part out loud.
 
Been there. I’ve sold “killer farms” to get closer to home so that part I do agree with. As I get older- I want to drive less & actually hunt on fewer farms. It limits my success obviously but I know how age changes the goals. Closer is huge. Even my goals of what I own has changed…. I’d rather have a farm that was completely peaceful with “great deer” vs chaotic farms with headaches that had “giant deer”. Long subject to unpack but I get where u coming from.
In all transparency…. On other side of that above thought process of mine….. sounds completely hypocritical BUT…. I still also still like exploring new areas and taking on new challenges. All the sudden I’m buying land in kansas & enjoying that adventure. New chapters & opportunities are fun no matter where they are. Long term- if they peaceful & great- probably be keepers. If wear me out & pain in butt…. Sell.
 
That’s a tough call. Selling your best Iowa farm would be something I’d have a hard time doing . Best of luck, maybe it all works out?
 
I have 280 acres that is adjacent to this piece, so I'm still able to hunt the same deer. My big concern is the timing of offers and when to actually list or try to sell the Iowa farm. I would like no contingencies on the offer to buy to make it more likely for the guy to accept my offer. Timing is the problem. I think I will try to get a loan to bridge the purchase and the sale of my land. Just wasn't sure on a other ways. Looks like the seller is backpedaling a bit. last week he was ready to get rid of it. Thats the way things go. I'll just have to be patient.
 
Contingent offers are always tricky, especially if what you're offering on is likely to get a lot of interest if listed on the open market. In my opinion there are 2 big keys with contingent offers:

1) You have to make your offer strong enough ($) that the seller is willing to take a chance on you vs. other good offers that are *not* contingent on anything.

2) You have to convince the seller that when you put *your* place up for sale, you're going to list it at a saleable price in the current market, not some ridiculous price and watch it sit there for 6 months. A written deadline by the buyer, into the purchase offer, helps the seller have confidence that you're not just playing the field but are actually interested in buying his place.

As a realtor I have dealt with more than a few contingent offer situations and have found in the last few years that public market sellers generally are wary of "subject to sale" contingent offers unless the 2 conditions above are met in some way. I've had a few sellers take a chance on a contingent offer and in some cases it went sideways and in other cases it worked out ok.
 
I worked with farm credit couple times and bought new farm with interest only payments while my current farm was for sale . Just an idea.

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