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I know somebody that bought 5000 acres of land at the Monterey/San Benito County Border for 2 million from a cash strapped cattle farmer. He then leased it back to the same farmer. I think Ted hit the nail on the head.
I know all about farmers and what problems they often face. And yes, shame on me for thinking about asking my parents to help me. What was I thinking? <eye roll>
I am not really interested to see what my land is worth. For me it has it's own value. Yes, it may be assessed high or low by "the powers that be" but the bottom line is that it is worth what someone will buy it for. And as I have said numerous times I do not want to sell.
What I am looking for is option/solutions to save my land. Right now I am trying to see if I can somehow get a loan, refinance, or something of that nature.
If anyone can offer advice related SPECIFICALLY to that, let me know. Criticism and unrelated repetitive comments are not needed, but thanks anyway.
I know all about farmers and what problems they often face. And yes, shame on me for thinking about asking my parents to help me. What was I thinking? <eye roll>
I am not really interested to see what my land is worth. For me it has it's own value. Yes, it may be assessed high or low by "the powers that be" but the bottom line is that it is worth what someone will buy it for. And as I have said numerous times I do not want to sell.
What I am looking for is option/solutions to save my land. Right now I am trying to see if I can somehow get a loan, refinance, or something of that nature.
If anyone can offer advice related SPECIFICALLY to that, let me know. Criticism and unrelated repetitive comments are not needed, but thanks anyway.
Here is what I would do.............since you believe/think your property is worth $78,000 ( and you only owe $25,000) sell off just enough acres to pay for the surveying, closing costs, and the $25,000 you owe.
What I am looking for is option/solutions to save my land. Right now I am trying to see if I can somehow get a loan, refinance, or something of that nature.
I think your best bet would be to check with a local credit union or one of the farm credit agencies which deal almost exclusively with loans on farm land and other rural properties. I noticed that there appears to be four of them in Colorado--not sure if each serves the entire state. You can look up their locations on Farm Credit - Home
With a 5 to 10 year loan term you could significantly reduce your monthly payment. If you'd go with a longer term, your minimum (mandatory) payment would be reduced but you could always pay more to pay it off quicker, as if the loan were for a shorter term. That would just give you some breathing room in case you became strapped for cash at any given time.
Here is what I would do.............since you believe/think your property is worth $78,000 ( and you only owe $25,000) sell off just enough acres to pay for the surveying, closing costs, and the $25,000 you owe.
Quite simple, actually.
Thanks for that option and it is a good one. The problem is my HOA does not allow sub divides...unless it's immediate family. It is the only restriction of the HOA.
I think your best bet would be to check with a local credit union or one of the farm credit agencies which deal almost exclusively with loans on farm land and other rural properties. I noticed that there appears to be four of them in Colorado--not sure if each serves the entire state. You can look up their locations on Farm Credit - Home
With a 5 to 10 year loan term you could significantly reduce your monthly payment. If you'd go with a longer term, your minimum (mandatory) payment would be reduced but you could always pay more to pay it off quicker, as if the loan were for a shorter term. That would just give you some breathing room in case you became strapped for cash at any given time.
Yes...and thank you. I think this is what I will do..as we have Farm Credit offices all over CO. With my poor credit history they may want a co-signer (my parents?) and maybe won't even give me the loan with a co-signer. In that case I would see if my parents could get the loan on their own and I would make the payments.
Yes...and thank you. I think this is what I will do..as we have Farm Credit offices all over CO. With my poor credit history they may want a co-signer (my parents?) and maybe won't even give me the loan with a co-signer. In that case I would see if my parents could get the loan on their own and I would make the payments.
By the time parents make it to their 80's....( and have little money ....your own words ) their adult kids should be able to make it on their own.
I dealt with Farm Credit for many years when I was an actual farmer.
Be prepared to get laughed right out the door.
What do you think the Farm in Farm Credit stands for ?
I've dealt with a Farm Credit Service company in Michigan. While they lend primarily to farmers, they also handle rural lands that aren't being actively farmed. It's still worth the OP checking it out. His land might even qualify as ag anyway.
Thanks for that option and it is a good one. The problem is my HOA does not allow sub divides...unless it's immediate family. It is the only restriction of the HOA.
I never heard of ag land being part of an HOA.
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