OT Loosing a farm

Just found out on easter that my aunt( who got the barn, house and shop when my grandparents died) is selling the place, and i would either have to buy it or get my stuff out. I'm the only one that has ever farmed this place, and now i might loose it all. The whole thing is like a family fued. I just want to buy it and get it over with. What do you guys think? I have money sunk into this place already with machenery etc. Isn't family great? i'm 23 and don't know if i can get approved for that kind of money. Stress put my pap in the grave and i can feel his pain.

Go to the local ASCS office and get all they have on benefits for "First time farmers"
Then go to the bank and inquire about federal loan programs for beginning farmers.
Go talk to your aunt. See if she will sell it to you at a fair interest rate, plus annual payments. Finance it with her for 15 years or so.

Gordo

I know of a neighbor that just got a first time farmer loan for 20 years at 1%.

If you got a share of any part of the original estate, that is fair. If you didn't but are in the position of being in fro a share of the sale price, you might be able to buy it for that much less. If not you will need to finance it. Check every possible government program (extension service etc.) Best of luck, I would do it. Jim

Like honest Abe said,buy land they don't make it any more. Bernie Steffen

here is a simple formula i learned from the school of hard knox.

(estate + property + money) divided by relatives
= major headaches + attorney fees.

if at all possible arrange your own financing, buy her out and be done with her. also, partnerships usually always end in disaster. just my opinion.

Gordo has a good idea about talking to your aunt to see if she would finance.

Just make sure you get it in writing.. A LEGALLY binding contract. Not a note on a napkin.
Then keep good records. This is always a good idea ESPECIALLY when dealing with friends and relatives. Avoid major headaches down the road when she decides to change her mind.

Thats business. Its not like this should be a surprise, all rental situations eventually end.

What ever you do, stay away from government loans and programs. A man your age will have to put up with way more than enough government interferance over the years without asking for it. Age doesn't matter to a banker as much as you might think if you have a business plan and some history of profitable operation of that farm or a farm. If you have machinery paid for and money invested in other improvements that will help.

[color=blue:d1dbc86669][/color:d1dbc86669]Randy2; Without being in the same room, I don't know if the info was related in a pleasant way and in private, my gut feeling is no. Do you have any of your input costs into the farm in writing? With that said, I would leave your aunt out of any financial dealings other than a check passing at the signing. Others have offered good advise; check with your county extension office, land and water conservation office, your banker and without a doubt, check with other banks for what they will do for you. Were there any wills stipulating any assets you may have been entitled to? From personal experience, the 'family fued' is a sad thing. When my late girlfriend passed on, the squabbling over material things was terrible. I stepped back as I had no legal right to anything. What was incredibly sad was how her children suffered. I suggest keeping your findings to yourself. Don't talk to others who may use info against your actions and to their advantage without doing their own leg-work. Also, seek out a lawyer you are comfortable with (as comfortable as you can get w/one), have the property appraised if she doesn't and you feel she is way off on her asking price. If you don't use the legal system to your advantage, family/business dealing sound like they could come back to bite you in the again in the future. Then you can have the satisfaction of knowing things have been done legally and completely at any future family gatherings. I wish you the best in this matter, take care.