Advice on some inherited land Please.

[5string]

I just inherited 11 acres of farmland in louisa, Va. It was a package deal where the 190 acre farm was divided amongst remaining family.

There is a clause in the will to the effect that one sale may be made and then a period of 5 years must pass before anymore of the land can be sold to a non familly member.

Anyway, some of the family is pooling their land together (about 50 acres) and selling it now( hopefully to a devolper).

I am very interested in selling now also, as I am interested in putting money down for a house.

My question: Is it better to sell and invest the money in my future house or to hold onto the land for five years at which time I may not be able to sell it along with the other families land(to a developer)?

Any input appreciated

[Scorpion Man]

[ QUOTE ]
I just inherited 11 acres of farmland in louisa, Va. It was a package deal where the 190 acre farm was divided amongst remaining family.

There is a clause in the will to the effect that one sale may be made and then a period of 5 years must pass before anymore of the land can be sold to a non familly member.

Anyway, some of the family is pooling their land together (about 50 acres) and selling it now( hopefully to a devolper).

I am very interested in selling now also, as I am interested in putting money down for a house.

My question: Is it better to sell and invest the money in my future house or to hold onto the land for five years at which time I may not be able to sell it along with the other families land(to a developer)?

Any input appreciated

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Sell. Take the money. Illiquidity sucks and you will have no control after this window closes. This is a no brainer if its enough money to be important to you. If you are still dying to own real estate, just buy a different piece with the proceeds. Only reason not to sell would be if for some reason the price is well below market.

[SurferEd]

Land has little holding value, generally.

Sell it or develop it yourself.

[scott1]

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Land has little holding value, generally.

[/ QUOTE ]

This is less true when it comes to farm land. Though 11 acres isn't enough. Sell it.

[5string]

Thanks, I was leaning towards selling it , just didn't want to make a huge mistake, since I know next to nothing about this sort of thing.

[ilikeaces86_]

Sellll

[Reckless1der]

Louisa? yes sell. But if it's in Bumpass, you gotta hang on to it.
http://www.mapquest.com/maps/map.adp?sea...VA&zipcode=

[Ray Zee]

if its developed around you yours will likely be worth much more

you can do a 1031 starker exchange and put off taxes on a sale.

the developer will probably come back to you and pay more after closing on the other 50 acres if you dont sell now.

i would hold if you dont need the money.

[Brad1970]

I tend to agree with Ray here. Hang on to it if you don't need the $$$.

Also, I assume that this land has legally been passed to you & the deed is in your name? Is that correct? Or was it "left to all the heirs" in a trust or something.

Nothing will tear a family apart like fighting over an inheritance.