Estate vultures

[dmccarty]

We have been getting offers to buy our land for years now. A family member owns a lot in our area but lives out of state and has been getting the offers as well. I think we both started getting the offers about the same time but the person living out of state seems to get more. Most of the time the offers are letters in the mail but sometimes we get texts and phone calls. We both keep the offers to track who is sending them. We are getting the same letters from the same "companies" with slightly increasing prices.

The offers are around the tax value which I think is well below market prices.

I did talk to a couple of the callers to see what information I could get from them. As expected, they know nothing about the local market, and kept asking how much I wanted for the land, to which I replied, you make an offer. Which they never did.

My take on these people is that they attended one of these get rich quick real estate "classes" held in a hotel. The only people making money are the ones holding the "classes." They don't really know the local market and are trying to buy land from people who know even less of the local market. They spend a fortune on these letters but I suspect they get a deal every once in awhile to keep them going. Certainly, an estate might sell quickly, and too cheaply, just to get things closed out.

I have family that lives in an area of Florida with a large elderly population. There are companies and places to auction off the estate. What else does one do with furniture and house goods that one does not need...

 

[Midniteoyl]

People trying to get the land 'cheap' to resale to developers later. Might be worth it to see if there is a development plan in the works or filed for land around your area.

 

[paulsharvey]

I've know some people to do pretty well off the 1.25 acre- 5 acre lots with an unlivable manufacteres home. They demo the home, and sell the land. It's Not a get rich quick thing, it's a lot of work, being very selective; and maybe $10,000 profit per 'flip'. Now, if you can do 4 of those per year it does add up. The worse the shape, the better. People looking for property generally can't look past what they see; so it's worth more when you give them a semi cleared, clean slate, with no impact fees, and possibly an existing well.

 

[oosik]

For about five years I received MANY letters from real estate agents. They had clients that would buy my land and lake. Wanted to know how much I would ask.

This became a PITA. Because I never responded to their snail mail - they began calling.

So... I did some calculations and came up with, what I thought, was a real wild assed number. Then the ultimate happened. An agent showed up at my door. He walked the entire property and had an aerial photo of the property.

When I told him what I would expect - this was his reply. Well .. "this is a whole lot of money but I know I can get this amount by selling to a person from California. They will upgrade your country driveway - divide the 80 acres into lots - make a handsome profit."

I was not prepared for his response. I was shaken to the core.

This presented two problems. I will NEVER sell this property. When I croak - it passes on to my son and so on. And - if I did sell and the property was subdivided - I would have two VERY angry neighbors. One to the north - other to the south. Most likely, I would have to move to parts UKN. My life would not be worth a plug nickle.

 

[oosik]

For those who may be considering selling their land.

Remember, God is not making any more.

 

[sixdogs]

Just tell callers that things are in a trust and the attorney takes care of it. The only sound you'll hear is a click disconnect.

 

[paulsharvey]

For those who may be considering selling their land.

Remember, God is not making any more.

Yes, but there is also associated holding costs. There are Lots if people who inherit property, that have no real use for it, other than selling it. At the same time, that keeps it in circulation, and the buyer will likely use it. Not an across the board answer for every case.

 

[paulsharvey]

So, I'll kinda run the scenario one day we will be facing:
Mom and her husband have something like 32 acres of woods, and a 3/4/2 1950s home, in NE/NC FLa. Mom has 4 kids; oldest, lives in NC, older sister Central FLa, me, NE/NC FLa, and youngest, central-SC Tenn. Her husband has 2 remaining kids; 1 somewhere in NC Kentucky, and 1 in NC WVa. So, forgetting geography, you also have fiances; and life style; my oldest sister is somewhat stable, and no kids, single; other sister, good fiancé's, 3 kids; me, eh, somewhat ok, but not spare money, and 3 kids; and little brother, 1 kid, so-so fiancé's, frankly, he needs money, he works, but I think every month it's a balancing act to keep the lights on, and mortage paid.

Then his kids; his son is apparently OK financially, no kids, but married, and he's like 55 or so; his daughter, married, 2 kids, pretty sure they have atleast some gov assistance. I'm guessing at this point, he's probably thinking towards building up some retirement

So, if we assume everyone gets 1/6th...

Oldest sister would certainly not have an intrest in buying anyone out, she might not want to cash out at first, but let a few annual tax bills and insurance come in, and she's gonna want out

Other older sister with kids; she probably wouldn't want to cash rest out, but she would be more than happy to keep a status quo, pay her portion of annual taxes/insurance/repairs

Me; I'm by far closest, and I love the property, the house doesn't suite our needs though, and I'm not in a place to cash anyone out. I would probably be willing to pay my % of taxes, insurance, However, me and wife have talked; what I'm not willing to do is be the care taker so others can treat it as a time share.

Little Bro; he is in Tenn, near wife's family, just started a small business, and he needs cash; he may or may not want to cash out, however he can't pay his % on annual bills, and would likely have zero use for it

Oldest step bro; no way he cashes anyone out; doubt he would pay his % annual, heck, why would he, it's like 1200 miles away

Step sister; couldn't cash anyone out, couldn't pay per % even if she wanted too.

Point being; as much as it is a shame; the simple answer, is sell the dang thing, and everyone go separate ways.

 

[ultrarunner]

So, I'll kinda run the scenario one day we will be facing:
Mom and her husband have something like 32 acres of woods, and a 3/4/2 1950s home, in NE/NC FLa. Mom has 4 kids; oldest, lives in NC, older sister Central FLa, me, NE/NC FLa, and youngest, central-SC Tenn. Her husband has 2 remaining kids; 1 somewhere in NC Kentucky, and 1 in NC WVa. So, forgetting geography, you also have fiances; and life style; my oldest sister is somewhat stable, and no kids, single; other sister, good fiancé's, 3 kids; me, eh, somewhat ok, but not spare money, and 3 kids; and little brother, 1 kid, so-so fiancé's, frankly, he needs money, he works, but I think every month it's a balancing act to keep the lights on, and mortage paid.

Then his kids; his son is apparently OK financially, no kids, but married, and he's like 55 or so; his daughter, married, 2 kids, pretty sure they have atleast some gov assistance. I'm guessing at this point, he's probably thinking towards building up some retirement

So, if we assume everyone gets 1/6th...

Oldest sister would certainly not have an intrest in buying anyone out, she might not want to cash out at first, but let a few annual tax bills and insurance come in, and she's gonna want out

Other older sister with kids; she probably wouldn't want to cash rest out, but she would be more than happy to keep a status quo, pay her portion of annual taxes/insurance/repairs

Me; I'm by far closest, and I love the property, the house doesn't suite our needs though, and I'm not in a place to cash anyone out. I would probably be willing to pay my % of taxes, insurance, However, me and wife have talked; what I'm not willing to do is be the care taker so others can treat it as a time share.

Little Bro; he is in Tenn, near wife's family, just started a small business, and he needs cash; he may or may not want to cash out, however he can't pay his % on annual bills, and would likely have zero use for it

Oldest step bro; no way he cashes anyone out; doubt he would pay his % annual, heck, why would he, it's like 1200 miles away

Step sister; couldn't cash anyone out, couldn't pay per % even if she wanted too.

Point being; as much as it is a shame; the simple answer, is sell the dang thing, and everyone go separate ways.

Sad but it’s the Western Way…

I have friends in Germany and Austria with property going back to the 1600’s

It’s more of a sacred Trust and no one wants to be the one that loses it…

 

[Jstpssng]

Point being; as much as it is a shame; the simple answer, is sell the dang thing, and everyone go separate ways

That's the way it is. In the 1600s people came here because land was plentiful and they could do as they wished. They didn't have to wait for the paternal head to die, or need to be the first born son to inherit. When we came of age we went and did our own thing, made money to buy our own land and more or less do as we wished on it.

You do still see family farms handed down through the generations...with men in their 50s waiting for their father to retire or die so that they can take over. Read the book 30 Acres...

Ringuet’s Thirty Acres

Here’s a draft of the Ringuet segment of my paper. Comments? (It comes to 15 pages in WordPerfect.) B. Ringuet’s Thirty Acres From its publication in 1940, Ringuet’s novel Thirty Acres has be…

abitmoredetail.wordpress.com

My family is very similar to yours. My mother lives in the house my paternal grandfather built in 1927, on 31 acres which my ancestors bought after coming over to escape the potato famine. When she is done the property will be sold and likely subdivided... The city has a big bulls eye on it for development. My brother says the house will likely be torn down and he could be right. Yet they are going to pay for it first. Once the check clears they can do what they want.
National and state Park services are doing the same as Ultrarunner mentioned above; preserving land for future generations. While ownership structure may be different than in Europe the logic is the same.