Buying the family farm?

[/u/cokedouthorse]

Over the past few holiday visits at my wife's grandparents farmhouse, they have been very suggestive that we potentially purchase the house and 10 acre property It sits on when they move into town (because old). On our Christmas visit we talked about it a little more and we told them we might be interested. I've planned on buying a rural property in the future and their farm (used to be a pig farm long ago) has plenty of outbuildings, mature shelter belt, orchard, alfalfa field and is honestly just very pretty as a bonus. The only problem is None of use know the best way to go about the purchase or transfer of the house. They'd like to give it to us for under market value but are worried about gift taxes. I can afford a mortgage for the full market value on my current salary, but I don't know if that salary will transfer to a rural area. Is seller financing a good option with her grandparents? We've also considered that we just purchase a house in the nearby town for them to move to and then they'd will the house to us as inheritance, but with that I'm concerned about the risk of medicaid being able to take their house as collateral if they ever need long term end of life care. What on earth is the best route to take that ensures the best scenario for both parties?

submitted by /u/cokedouthorse
[link] [comments]
Buying the family farm?
Continue reading...