Question about selling acreage

[jimdana1942]

I have power of attorney over my Mom's property. She is in a nursing home and we need funds to assist with some of her expenses.

Is it possible to sell a portion, say 1 to10 acres, of her property even though the property is undivided at this time? It is a total of 160 acres plus a home that was appraised 2 years ago for $380,000. She has 50 percent interest in it. Her husbands will was probated in 1981. In the will she was given use of all the property until her death.

Is it possible to do an owner finance with down payment and monthly payments? What would be the best route to take?

I will get an attorney if needed but just throwing this out for some direction.

 

[gbundersea]

Meet with a GOOD local title/real estate attorney (NOT a general attorney who "does real estate too") and get solid answers. It will be well worth whatever you have to pay him.

What you describe is a very complicated issue, with many associated risks.

 

[jimdana1942]

Meet with a GOOD local title/real estate attorney (NOT a general attorney who "does real estate too") and get solid answers. It will be well worth whatever you have to pay him.

What you describe is a very complicated issue, with many associated risks.

Thanks

 

[posse comatosis]

Is it possible to sell a portion, say 10 acres, of her property even though the property is undivided at this time

Yes, if you can find a buyer. The value will be markedly discounted due to the indivision.

Is it possible to do an owner finance

Yes. You will probably have to if the buyer can't pay cash. The buyer may not find a lender on a deal like that.



I'm curious, how much an acre are you asking?

 

[JadeRaven]

This isn't the land with the gold on it, is it?

 

[pntbllr228]

Where is the land located?

 

[jimdana1942]

Where is the land located?

Beauregard Parish, about 4 miles east of DeRidder. On the Tuscaloosa Trend.
Aerial shot showing well site that was built about 2003 but never drilled. About 100 acres cleared, 60 acres hardwoods some pine.

 

[jimdana1942]

Yes, if you can find a buyer. The value will be markedly discounted due to the indivision.


Yes. You will probably have to if the buyer can't pay cash. The buyer may not find a lender on a deal like that.



I'm curious, how much an acre are you asking?

PM me

 

[whbonney26]

If the purchaser is paying cash then you can do it. Owner finance could prob. work also. I am pretty sure either way you will need a survey. I would not want to buy land without one. Maybe the buyer will pay for the survey just to get the portion clearly marked so they know what they are getting. A bank will NOT lend on a piece of property that has not been survey out. They want to know exactly what they are getting should the loan default. Due to new guidelines appraisers now cannot appraise a portion of a larger tract of land unless its been surveyed out.

 

[Manimal]

I wish my family had this! That is nice property...

 

[jimdana1942]

I wish my family had this! That is nice property...

Nice as it gets.

 

[Manimal]

Sell it to me for cents on the dollar? You'd be proud of what I did with it...

 

[pntbllr228]

So Im guessing selling it all would be out of the question?

 

[glimmerman]

So Im guessing selling it all would be out of the question?

Hard to do when you only own 50%.

 

[CEHollier]

Hard to do when you only own 50%.

If it is an undivided estate with 50/50 ownership can you get agreement on what part to sell. Different parts have different value. If you divide it improperly you can devalue other parts of the estate. ie. sell all of the road frontage and landlock the back.

 

[JadeRaven]

If you own 50% of a property you can either force the other party to buy you out or force a sale to get your full share of the value.

 

[glimmerman]

If you own 50% of a property you can either force the other party to buy you out or force a sale to get your full share of the value.

You can not "force" the other party to buy you out!! You can offer to buy the other party out, but they are under no obligation to sell to you. You "can" then go to court and partition to divide the property, expensive, will require a survey and appraisal. If you end up with the road frontage and do sell that off, you will have to give the other party a right of easement.
Or, you can sell your undivided interest to a 3rd party, this usually results in a deep discount on the selling price. Undivided interest in "heir property" can be a burden.

 

[ryan]

Like all stated above you can buy out the other person.

How much per acre? Do you own a certain part or just 50 percent interest in all of it? What is it assessed at?