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 A very grounded girl
Posts: 5052
 
Location: Moving soon..... | We are getting ready to do the same. It all depends upon who looks at the property and what they want. Most realtors are not horse people so they are not going to give much thought to that. I will put in our contract that if it is concreted in the ground, it does not stay, and that includes water troughs, feeders, panels, wire, etc. | |
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Elite Veteran
Posts: 629
 
Location: Roping pen | In the biz and there is more going on then most people realize.
First, the stalls could be considered "personal property". That said, they would than need to be sold "outside" the real property. This is due to the fact that if the buyer needs financing, then the mortgage lender could not (and typically doesn't) secure the personal property and hence, would need to except it off---lowering the loan amount that can be completed for the purchase.
That is why the realtor is not wanting to value them on the real property valuation. They also do not typically list "barns/bins/stalls/corrals" on the appraisal. If listed, most home loan companies will not touch the loan application as this than becomes "income producing" property.
What is the difference from personal property to real property? The old rule of thumb is that if it is attached to concrete, it is real property, if not, than personal property. The last few years, it has become more of a "grey" area and, depending on the state, it not that cut and dried.
Also, you could be exposed to capital gain taxes for the sale, depending if you depreciated the stalls on your tax return. Where we live, they would be considered personal property and subject to capital gains taxes.
One other issue, is that the buyer would probably want to buy them as personal property due to tax advantages.
Good luck! | |
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Folks on-line