BUYING FARM & RANCH
Buying Farm & Ranch property takes groundwork, skill, and knowledge along with considerable planning. Our experts at My Real Estate Expert are ready to assist you with locating and buying your Farm and Ranch property.
There are many aspects to buying Farm & Ranch property including preparing a strategy and informing your MYRE agent of how you are planning to utilize your land. This will assist him/her in determining what type of properties will be more suitable for your needs.
- Agricultural Land/Farmland
Suitable for agricultural use, crops and livestock, forestry and the growing of trees
- Recreational Use
Hunting, fishing, swimming, boating, camping, picnicking, hiking, off-road driving, water sporting events, and any other activity with enjoying nature
- Natural Resource Sales
Minerals, Coal, Water, Oil, Natural Gas, Lumber, Etc.
Development or Resale
Agricultural, Ranching, or Outdoor Sporting/Hunting/Fishing
- Future Development
Housing, Commercial, Industrial, Etc.
- Mixed Use Development
Property use combining commercial and residential real estate, entertainment, child care, schools, libraries, and government facilities
- Ranch Property
Suitable for Cattle and Livestock or Outdoor Sporting Opportunities
How to Find the Right Property
Your MYRE agent will prepare a list of questions that will be an important factor when locating your Farm and Ranch property including:
Landscape of the property and surrounding properties, Check Flood Zones & Floodway, Possible Contamination, Possible Endangered Species, Check Soil Quality, Check Pond Water Quality and Lakes, Check Counties Where Anthrax Usually Occurs, and Deer/Wildlife Habitat
Water Well, Natural Gas, Oil, Minerals, Trees, Lakes, Ponds, Roads, Fence, View, Air Quality, Access to Electricity, Windmills, Dwelling or Barns, Sewer, and EMS
- Future Use
Farming, Ranching, Subdivision, Outdoor & Sporting Use, Natural Resource Sales, Multi Development Use, Commercial, Industrial, Etc.
- Privacy, Property Boundaries and Easements
Proximity to your neighbors, highway, cities or industry
Accessibility to property, amenities, major cities, highways, and utilities.
- Outdoor and Sporting Availability
Fishing, hunting, hiking, and other sporting activities
Dwelling, Barns, Sheds, Roads, Electricity, Water, Gates, Ponds, Lakes, Trees, Vegetation, Soil, Troughs, Emblements, Etc.
Procuring Your Farm and Ranch Property
Step One: Hire an Experienced Real Estate Broker
Contact MYRE’s experienced land Broker to begin the process of locating the right farm and ranch property. When searching for farm and ranch real estate there are a limited number of resources available to assist buyers in locating potential properties. Our broker & associates have availability to various resources and up to date information to locate prospective properties that will meet your needs. We understand the importance of staying current with market trends and changes.
Step Two: Property Type & Location
The buyer will disclose to real estate broker the size of the property, price range, the intended use, type of zoning if any, suitable locations, amenities that are necessary, and property condition or type.
Step Three: Financing or Funding
Before the buyer should begin the process of locating a farm and ranch property it is important to obtain a Pre-Approval letter from a financial institution. The due diligence of obtaining a Pre-Approval letter will give the buyer more leverage in negotiations with the Seller.
Step Four: Making an Offer
Once a prospective piece of real estate is located, you should get a land valuation and a Land Information Memorandum (LIM). These two reports are very important because they will help you determine the value of the land you want to purchase and whether or not you are making a wise investment. A MYRE agent can also conduct a Comparative Market Analysis (CMA) to assist in the buyer’s decision. Once a suitable Farm is located an Offer will be drawn up according to the terms and conditions as directed by the Buyer. When making an offer it should also include specific terms that are essential to the buyer. It is important to have an attorney review all documentation prior to making an offer on any real estate transaction.
Step Five: Negotiations
A very important step in buying commercial real estate is negotiating the right price. To achieve a successful negotiation can be overwhelming and stressful. We are professional negotiators and will relieve you of this stress by acting as a buffer. It is important that the buyer not become too emotionally attached to the farm and ranch property during negotiating. The buyer should always be prepared to negotiate.
Step Six: Acceptance & Due Diligence
Once a buyer’s offer has been accepted there will be a due diligence period to conduct a title search; obtain reports, environmental study, existing leases, inspections, financing, appraisal, physical inspection, zoning permit/review, and survey.
Step Seven: Closing
The final step to procurement of a Farm and Ranch property is receiving a detailed HUD-1 settlement statement. This document will be prepared by a reputable title company before closing. The closing statement will summarize all fees for the Buyer and Seller involved in the transaction. Property ownership will transfer from the Seller to the new Buyer at closing.
Buying Farm and Ranch property takes knowledge and expertise. Our MYRE, LLC. experts will help you every step of the way to ensure a smooth transaction. Contact us today if you have any questions or if you would like to begin searching for your next Farm and Ranch property.
My Real Estate Expert, LLC.