He's got a better offer and now wants out of your deal, is my guess and using the wife for a stall tactic, or there is family issues from others your not aware of that are not on the title of property and he's is trying to squelch the deal because of hurt feelings!!

You need to play hardball next time up to bat or this could really cost you, don't be shy just wade in and have some one with more authority represent you, doubt he would listen to any thing you wife can do as your representative and regard that as a conflict of interest and another stall tactic.

Things can look good on paper even with a title company and still be held up for a long time, because the seller finds another buyer using your bid for a lure and interest on how good the sale can be for another.

Good luck, does not look very good from the chair I sit in LOL

What's a "10-31 farm deal"...?

This or maybe they have kids who are opposed to the sale.... ???

Something is fishy but hopefully they do the right thing.

Not intending to be rude, but if your wife is a lawyer, why in heck would you seek input here?
Good luck

I just wanted input as to if people thought the deal would go or not on monday and a place to vent!!!!

It's an IRS Tax play that let's you sell a property and buy another like property without the capitol gains hurting you.
You only have a certain amount of time to do it.
Such as selling in one state and buying in another.

The property in the 10-31 ones needs to be "like Kind" property which has reasonable flexibility on property but not on the time frames. Don't hear nearly as much about it now that the new tax code has capped the max rate of capital gain at 15% most transactions at 10% and below about 75 to 80K zero.

Bryce

How about more detail Bryce ?? Example ???

Good example on Agtalk as of now.
Guy bought 80 acres for $640,000 and 2 weeks later offered $764,800 a $124.800 profit
Advising 10-31 exchange with immediate increase in net worth with out immediate tax implications

Hire someone at a local airport to fly you over the place and check it out.

It's an interesting story to say the least.

Best idea. He could be cutting timber or it could be a tire dump. Up my way nobody would ever not be allowed on property they were thinking of purchasing. When I bought my 100 acres, the owner took me around and then he allowed me to take my dad around by myself. I was only 22 at the time and was looking for advice.

Well I guess he calmed her crazy arse down and they signed the closing paperwork this morning so the deal got done. Almost drove me to drinking!!!!!!!!!!!!

When's the party? Are we all invited?

Better get over to YOUR property and see why he didn't want you snooping around!

Had to clear out his still maybe? Or move his nephews pot plants ????

I'm happy that it worked out for you.
That's a lot of unneeded stress.

Congratulations. I hope you experience a great deal of enjoyment on your new property.

Keith

10-31 also works well for 2nd homes that have really increased in value like lake property and then you can sell and invest ins similar property or properties and avoid the gain on the increase in value and also get a nice high adjusted bases on the new property. My boss at the college I taught at grew up in MI. His father retired as a pastor and in the 50s they bought a small cottage and two extra open lots on Traverse Bay. In the early 2000s they were offered about 30 times what they paid for it. He was able to sell his Detroit suburb home for no tax as personal residences get the 500K exclusion so with the 1.5 plus million they did not buy a condo they invested in assisted living complex and now have income and no taxes and a place to stay.

Bryce

Thumbs up!

Glad it worked out. Enjoy your new place.