To buy a farm in Illinois, meet with a lender, search for properties, make an offer and complete the buying process, states FCS Financial. Buyers can search for properties through a number of resources, including Lands of Illinois and Realtor.com.
Purchasing farm land may have different factors to consider than other types of real estate, depending on the purpose of the land, notes FCS Financial. For example, financing may be different if the land has its own income potential, or if the owners intend to simply use it as a family farm. To buy a farm in Illinois, follow these steps:
- Meet with a lender
- Search properties
- Make an offer
- Buy the property
The first step to purchasing any type of property is to determine the financial needs. Buyers should consider the type of land they wish to purchase and then meet with a lender to determine their budget and receive a pre-approval or pre-qualified letter.
It is advisable to work with a buyer's agent when searching for properties, as they may have additional information for buyers. Be specific with the desired type of property and take into consideration important elements, such as the soil type, drainage and items included in the sale.
After choosing a property, work with the agent to make an offer on the desired property. Negotiate with the seller until both parties agree to the terms.
Once the property is in escrow, make required payments, perform all necessary inspections and meet with the lender to secure financing. Sign all necessary paperwork to complete the buying process.