#1
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Advice on some inherited land Please.
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 |
#2
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Re: Advice on some inherited land Please.
[ 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 [/ QUOTE ] 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. |
#3
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Re: Advice on some inherited land Please.
Land has little holding value, generally.
Sell it or develop it yourself. |
#4
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Re: Advice on some inherited land Please.
[ QUOTE ]
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. |
#5
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Re: Advice on some inherited land Please.
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.
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#6
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Re: Advice on some inherited land Please.
Sellll
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#7
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Re: Advice on some inherited land Please.
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= |
#8
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Re: Advice on some inherited land Please.
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. |
#9
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Re: Advice on some inherited land Please.
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. |
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