Property Buying Tips

1. Select a broker who is knowledgeable about the area and understands farm and ranch properties. A competent real estate broker can be an invaluable source of service and information.
2. If you have never owned a farm or ranch, make sure you know and understand customary agricultural practices for the area.
3. In the west, water is life. Make sure you know the availability and cost of water for domestic or irrigation purposes.
4. Prepare a list of priorities you want in a property. Very seldom do you find everything you want. It can also help a real estate broker search for you. Items to consider:

• Location
• Elevation
• Price
• Improvements
• Schools
• Water Rights
• Road Conditions / Access
• Climate
• Recreation
• Utilities

Financing Tips

1. Know how much money you can raise for a down payment. Farm and ranch land generally requires a one-third down payment.
2. If you are selling a property, tax-free exchanges are worth considering. Your accountant or attorney should be able to advise you.
3. In some cases an owner will be willing to carry part of the purchase price.
4. Most lenders will cross-collateralize a property you now own with one you want to purchase.
5. Lenders generally require an appraisal and sometimes a survey before a loan can be funded.
6. When you write an offer on a property, allow enough time for an appraisal, survey and a thorough property inspection