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Purchasing Farm Land from Family Members and Loan Info
Posted on 12/10/12 at 9:53 am
Posted on 12/10/12 at 9:53 am
I have some older family members who want to sell about 150 acres of farm land that they currently lease to a soybean farmer. They would like to sell to a family member to keep the property in the family. They have no kids to give it to. My question is what is an average interest rate on land loans, term length, and what percent down would need to be applied to the loan?
2
Posted on 12/10/12 at 10:12 am to nrtiger
6% interest 30yr term 20% down these are optimal and you probably won't get all 3.
Posted on 12/10/12 at 10:18 am to nrtiger
will they do owner financing? that would be your best bet
Posted on 12/10/12 at 2:29 pm to yellowfin
quote:
Will they do owner financing?
Currently that is a no, but it could be a possiblity if I talk them into it.
Posted on 12/11/12 at 4:10 am to nrtiger
When I bought out some family members, I did it under the table. That way they didn't have to pay any taxes. Talk to them about owner financing and that they will be facing taxes on the sale.
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