U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Rural and Small Town Living
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 03-17-2013, 09:13 AM
 
Location: Great State of Texas
86,093 posts, read 73,645,352 times
Reputation: 27598

Advertisements

Quote:
Originally Posted by Cinebar View Post
Just a quick update -

Things continue to move along for my son and his girlfriend, although the closing date will likely be in April (instead of this month) due to the USDA running about twenty-five days behind schedule.

The inspections have been done, the well is fine (300 feet deep, 12 gpm), the septic has been pumped (at seller's expense), a new tax assessment has been done, and my son and his girlfriend are spending today lining up the insurance.

Does anyone here know if it would be advantageous for them to split the property into separate tax lots - one for the house and whatever minimal acreage would be required and another for just bare acreage? I'm a little concerned because the new assessment came in at around $8,000 more than what they are paying for the place and I would like to see if there is some way to keep those taxes down if possible. I don't even know if maybe it would cost more to have the property divided than what it would save them in taxes.
A lot of that depends on the state laws on Ag use and what they may want to do down the road.
If they stay all ag and later on want a home equity loan, sometimes banks won't allow that on ag land but if the home and, let's say one acre, were not ag then banks would loan. But that home and acre would be taxed higher because it's not ag exempt. Then again there's the Farm Credit Bureau that does loan on ag exempt land so you have other options.

There's pros and cons about this as well as state specifics.
I would suggest he talk to a RE attorney and other farmers in the area at great length about this so he understands it and can make an informed decision on what to do.
Reply With Quote Quick reply to this message

 
Old 03-17-2013, 09:17 AM
 
16,038 posts, read 20,205,691 times
Reputation: 26301
Awesome!!! What fun. If you are like me it will be fun to go help out and garden. Something to be proud of for sure. You did a good job Mom & Dad
Reply With Quote Quick reply to this message
 
Old 03-17-2013, 11:21 AM
 
Location: Wisconsin
17,846 posts, read 18,177,469 times
Reputation: 44054
Quote:
Originally Posted by HappyTexan View Post
A lot of that depends on the state laws on Ag use and what they may want to do down the road.
If they stay all ag and later on want a home equity loan, sometimes banks won't allow that on ag land but if the home and, let's say one acre, were not ag then banks would loan. But that home and acre would be taxed higher because it's not ag exempt. Then again there's the Farm Credit Bureau that does loan on ag exempt land so you have other options.

There's pros and cons about this as well as state specifics.
I would suggest he talk to a RE attorney and other farmers in the area at great length about this so he understands it and can make an informed decision on what to do.
Excellent points.
Reply With Quote Quick reply to this message
 
Old 04-12-2013, 04:48 PM
 
Location: The Cascade Foothills
10,953 posts, read 8,839,773 times
Reputation: 6461
They close next week (Thursday) and will get the keys the following Monday.

There were some concerns because my son's girlfriend switched jobs in the middle of the process and it was thought that they would have to start all over and they would lost their spot with USDA.

They would have still qualified but it would have given the sellers an "out" if they had wanted to take it - no way of knowing if they would have taken it, though.

Anyway, they didn't have to start over and so they didn't lose their spot and they will be moving in in a week and a half (actually less).

I had been a little bit worried about them biting off a little more than they could chew comfortably with the payment and the property taxes (since the tax appraisal came in quite a bit more than their purchase price) but the girlfriend went from working two part time jobs (12 hours a week at a library and 20-25 hours a week cashiering at Home Depot) to working one great job, with great benefits, a job that she actually went to school for and that she is finally putting her degree to work for, making almost $3.00 an hour more than my son; and she will be getting a $3.00 an hour raise in six months.

I swear - it's like everything just keeps falling in place for these kids.

I'm so excited for them!
Reply With Quote Quick reply to this message
 
Old 04-12-2013, 05:22 PM
 
Location: Oregon
1,379 posts, read 2,722,719 times
Reputation: 1020
That's wonderful!! Good luck to all of you!
Reply With Quote Quick reply to this message
 
Old 04-12-2013, 05:25 PM
 
Location: The Cascade Foothills
10,953 posts, read 8,839,773 times
Reputation: 6461
Quote:
Originally Posted by kadylady View Post
That's wonderful!! Good luck to all of you!
Thank you!

They're anxious to get started on their garden and they should still have plenty of time to get a good start on it for this year, and expand next year.
Reply With Quote Quick reply to this message
 
Old 04-12-2013, 10:29 PM
 
Location: Wisconsin
17,846 posts, read 18,177,469 times
Reputation: 44054
Wow! Sounds great.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Rural and Small Town Living
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top