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#456187 - 01/06/17 10:16 PM First Farm & Ranch Buyer - No experience.
HaydenG Offline
Junior Member

Registered: 03/06/16
Posts: 3
Loc: Texas
I've been a licensed Texas agent for almost 3 years now. Dealing strictly with Single Family. However, I have a new client interested in farm & ranch land. I have no idea what the basics of purchasing land. For instance, typical amount of earnest money, if there is an option what is that typical price.

Also typical length to closing and lending, my client is cash, but for future reference, is there certain lenders to look out for that only deal with this, and if there are any standard requirements for them.

Are there are certain things to watch out for that could get me or my buyer in trouble when dealing with a farm and ranch property?

I am in Texas, using the TREC Farm and Ranch Contract, would any other documents be required when submitting offers? Even the tiniest answer would be great. I'm trying to research all the answers I can.

Thank you guys for any and all help!



Edited by HaydenG (01/06/17 10:20 PM)

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#456189 - 01/07/17 03:47 AM Re: First Farm & Ranch Buyer - No experience. [Re: HaydenG]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7447
Loc: Vermont's North-East Kingdom
Is it just "raw" acreage that this person is seeking or is it Working Farms or Ranches (like a going concern Business) or something in between ?

If your Client knows you have no experience in this area, and he's okay with an OJT Agent, then fine; otherwise I'd consider referring him off to the best, most knowledgeable producer in that segment.

It sounds like you're in an Urban area, so handling Rural Real Estate wouldn't be a segment of the market that you'd normally aspire to service; but if you do, then maybe you could arrange to follow along or track the activity he performs as s/he works to locate a suitable property for this particular Client.

If you only handle residential property, how did this "prospective" Buyer become your Client (as opposed to being just a mere Customer) anyway ?
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#456191 - 01/07/17 07:47 AM Re: First Farm & Ranch Buyer - No experience. [Re: HaydenG]
Bigtoe Offline
Major Contributor

Registered: 10/14/07
Posts: 2189
Loc: Outer Banks
Are there water rights and do they transfer.
_________________________
Your Outer Banks real estate agent. Helping people buy and sell OBX real estate since 1989.

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#456192 - 01/07/17 08:26 AM Re: First Farm & Ranch Buyer - No experience. [Re: HaydenG]
HaydenG Offline
Junior Member

Registered: 03/06/16
Posts: 3
Loc: Texas
Thank you for the information. He was actually a Zillow lead that I got to sign up as a client. I have thought of referring him off, was just something new that at the time, didn't think would be too difficult to learn. Needless to say, not much material besides buying a course out there for this.

The particular property he's looking at is raw land, but listed as Farm and Ranch, the red river actually runs through it

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#456195 - 01/07/17 01:02 PM Re: First Farm & Ranch Buyer - No experience. [Re: HaydenG]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7447
Loc: Vermont's North-East Kingdom
Originally Posted By: HaydenG
". . . The particular property he's looking at is raw land, but listed as Farm and Ranch, the red river actually runs through it . . ."

Are there restrictive Covenants or Easements along the banks of the River which would impede development ?

What does the Buyer intend to do with this land, and how much of a parcel is he looking to procure ?

So when you use the word "Client", you do intend to communicate that you already bear a Fiduciary Responsibility to this person as his Agent ?

Do you have a Broker who can give you some guidance . . . . in lieu of a lengthy course?
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#456216 - 01/08/17 07:07 AM Re: First Farm & Ranch Buyer - No experience. [Re: HaydenG]
Bigtoe Offline
Major Contributor

Registered: 10/14/07
Posts: 2189
Loc: Outer Banks
Does the owber of the property own the rights to draw water from the river and do those rights convey.
_________________________
Your Outer Banks real estate agent. Helping people buy and sell OBX real estate since 1989.

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