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My question is: Canadian-specific
QUESTION: I tried to search an appraisal expert from Jurock's site. I did not find any one or question is related to farm evaluaton. Can you kindly provide me some clue please?
The farm is in Bradner, 5 ac land with an old timer big house. There are 14 barns growing mushrooms. My friend bought the farm at $760k in Jun of 2003. Due to the conflict with his partner, the farm stopped growing mushrooms. My question is what is the value for the land, the house and barns without growing mushrooms? My friend's bank loan for that farm is about $370k. My friend is thinking to buy that farm alone and take over the debt. What is your suggestion on his action? Unfortunately, my friend has never hire any accountant or expert in evaluation of the farm. The farm was bought through a realtor. Can you give me some clue or you can recommend someone to me please and please? Thank you very much!!!
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david ingram replies:
Start with the realtor who sold the farm to your friend. Lay it on the line. "My partner and I have split, The mushrooms are dead. What can you get me "if" I have to sell as is?" That Realtor knows the property and has already put a gross of $20,000+ in his or her pocket for selling the property in the first place. PLUS he or she "just might" have a potential buyer in the background who would buy the property right now. Ask for a written opinion called a CMA (comparitive market analysis) from that person.
Then, drive down every road within two miles and look at Real Estate signs for other properties with barns and acreage. Call two or three of those realtors and tell them the same thing. Then, make your pick of who you want to sell it.
Before someone wants to object to my giving real estate advice and making realtors work for free at this point, I have to state that I am a Real Estate Agent 915 and was the Nominee for CEN-TA REALTY for ten years and licenced in BC as a realtor since November, 1965 (with some breaks to be sure). I am a graduate of UBC's Urban Land Economics and have also completed (but not applied for the official piece of paper) and passed all the real estate appraisal course offered by CREA (Canadian Real Estate Association).
I am also a farm boy having milked 125 holsteins in Manitoba's First Milking Parlour. And believe it or not was a peripheral part of and present at one of (if not the first) mushroom farms in Portage La Prairie Manitoba back in the 60's.
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If the above suggestions do not work for you, give me a call and we can do something for you on a fee for service basis.
David Ingram's US/Canada Services
US / Canada / Mexico tax and working Visa Specialists
US / Canada Real Estate Specialists
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North Vancouver, BC, CANADA, V7N 3L7
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