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Farm Business
Agricultural Matters
Effect of overage on land value/price
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<blockquote data-quote="Kidds" data-source="post: 6084536" data-attributes="member: 5589"><p>I had an offer on some land accepted but now the seller has decided to put overage on it. I don’t mind the overage as the possibility of development is so low it just won’t happen, it certainly didn’t factor in the offer.</p><p>Being new to this game I now find that a mortgage would be very difficult as a result of the overage agreement. I don’t need a mortgage to buy it but I assume it also removes my ability to borrow using the land as guarantee. That may matter to me in the future. </p><p>I offered top dollar for the land (18 acres) but now feel this overage makes it worth less. </p><p></p><p>That was a long winded way to get to the “how much does an overage clause devalue land?” question.</p></blockquote><p></p>
[QUOTE="Kidds, post: 6084536, member: 5589"] I had an offer on some land accepted but now the seller has decided to put overage on it. I don’t mind the overage as the possibility of development is so low it just won’t happen, it certainly didn’t factor in the offer. Being new to this game I now find that a mortgage would be very difficult as a result of the overage agreement. I don’t need a mortgage to buy it but I assume it also removes my ability to borrow using the land as guarantee. That may matter to me in the future. I offered top dollar for the land (18 acres) but now feel this overage makes it worth less. That was a long winded way to get to the “how much does an overage clause devalue land?” question. [/QUOTE]
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Effect of overage on land value/price
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