Insider Insight: Patience Is Key
The value of patience was clearly evident in a recent transaction involving the sale of a 5,200-acre ranch near Hall, Montana. Fay Ranches represented the seller; a buyer came directly to us and we quickly had an offer on the table the first week of December for a cash closing before the end of the year.
It needs to be mentioned that our seller grew up on this ranch. It was his father’s place, and there was a strong emotional tie intact. As the reality of the looming sale set in, it turned out that our seller was not quite ready to let go.
As in most transactions these days, price was the biggest hurdle. The buyer was “all in” and pushing for a deal. The seller was not. We asked the buyer to give the seller the time needed to come to terms with the sale of his family’s ranch. We also encouraged both buyer and seller to stay engaged, and each obliged, taking small steps toward common ground. After six months of negotiations, they finally agreed to a price in May. During that time, we reached a stalemate on several occasions. At one point, there was no correspondence between the two parties for nearly a month. Even though it sometimes felt like this transaction would never come together, our team at Fay never gave up. Perseverance prevailed, and we successfully closed the deal in July.
“The strongest of all warriors are these two — time and patience.” - Leo Tolstoy, War and Peace
The buyer is now looking forward to autumn on his new ranch, especially the prospect of elk hunting in Montana. The seller is actively searching for a 1031 exchange property in Texas where he will spend more time with family. Each is now ready to start new chapters of their lives.
More Field Reports From The Land Report:
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Ron Morris of Ranch Marketing Associates reports that the Y Cross Ranch has come on the market for the first time since it was assembled by Courtenay Davis in 1941....