Trying to keep it in the Family - Lateral-g Forums

CRCRFT78 · #1 06-06-2011, 09:03 PM

Beautiful property, I hope you can save it and keep it in the family.

6D9 Matt · #2 06-07-2011, 09:18 AM

I would think you would just need to get preapproved for a certain amount (loan) and then add on top of that whatever you have as a down payment. That would be your highest bid at the auction, bc obviously you dont want to bid for more than what you are approved for.

Beautiful property... what part of KY? I am originally from western KY, but live in TN now.

johnnymac46 · #3 06-07-2011, 10:02 AM

Thanks for the help.

It's about 30-40 minutes east of Bowling Green

**Sieg** · #4 06-07-2011, 10:11 AM

Get to know the auction company and the auctioneer, technically you'll be playing by their rules. Tell them your story, I'm guessing they'd want to see you be the winning bidder and may offer any assistance they can.

Our family has a large farm and there will be a transition within the next ten years. Not knowing the players in your family, your Grandfather's decision may have been a very wise one. Money and self perceived entitlement can do evil things to people.

I very much respect your objective. Best of luck.

**tones2SS** · #5 06-07-2011, 06:22 PM

Quote:

Originally Posted by CRCRFT78

Beautiful property, I hope you can save it and keep it in the family.

I agree. Good luck John.

johnnymac46 · #6 06-07-2011, 06:24 PM

Thanks for the help everyone I'll get in contact with the auctioneers and see what kind of magic I can work and of course go talk to the bank...it will be a great place to retire in 15 years when I'm out of the service

dmcgill · #7 06-18-2011, 02:40 PM

Hey John,

Were you able to talk to the auctioneers? How's it looking?

Beegs · #8 06-19-2011, 05:35 AM

Yup.....you have to work with whatever terms the auctioneer has in place. You will probably have to have X amount to register to bid, then you will probably have to come up with more cash ten to fifteen days after the auction and then close within whatever time they require. They are all different.

I always have a title company make sure title is clear BEFORE auction day, it's cheap and you would be amazed at what can come up. Also you can make a quick call and make sure taxes, water/sewer bills are current etc...

martin176 · #9 06-19-2011, 07:08 AM

I hope it works out for you, good luck with it.
Martin

ErikLS2 · #10 06-19-2011, 10:26 AM

This sort of thing can be hard on families but have you considered going to them and see what would be a fair price and avoid the auction all together?

Good luck with it, it's a beautiful piece of land for sure!