Many times, I get asked, "What are the steps to buying land?" That question is so simple, yet very complex, as there are factors that make it different for each buyer. It depends how much land they will need, what the current interest rates are, etc… Depending on their needs will affect the length of the buying process. I thought I would give an example to help- this is not set in stone and please keep in mind that rates fluctuate constantly.
Let's use a $150,000 farm as an example.
First, before you find your farm, check with 3 to 4 local banks, and get a pre-approval letter so that you can make an offer when you find a property that you like.
The biggest part you will need is the down payment. Banks usually requi...