Thumb of Michigan | John Burns - 1/30/2024 18:37
That sounds like a good first step.
Then get a professional appraisal. Farm credit would do it for a fee.
Them you will know if your cousins are trying to rip you off. If they aren't, good deal, sell it to them. If they are, kind of releases your obligation to family.
+1, with one possible concession, the land can be appraised as 'farm' land or 'development' land. These appraised prices could be vastly different depending on location naturally. This maybe noted by a 'licensed' appraiser (not a realtor's market study, that some folks confuse with an appraised value). You might put the difference in the selling agreement (eg. if land is sold for $XX more, for development purposes within X years, sellers are entitled to share gain). |
Selling Family Farm land DRAMA
