Posted by John Corey on December 16, 2005 at 08:36:39:
Farms are hard to sell as few lenders want to finance raw land (even a working farm where the land produces income).
If your friend did a short sale has he already cashed out the prior lender? Can you friend afford to hold any paper?
As you acknowledge it might take a while to see this. Be prepared to hold on. You will find that the full retail price is easy to obtain when there are few buyers and sellers. Hence you might need to discount to get it sold. Better to discount and sell now than to wait a long time and pay carry costs in many cases. Focus on doing multiple deals over a year rather than waiting for the absolute best price on one property.
John Corey