Recently my wife's grandfather passed. There are 3 living siblings all of which want to sell. All but my father in law live in other states. I am the only one in the large family that loves and uses the property. They are selling the property for about 320k which is allot more than what I have in pocket. If there was a way to get a land loan with 0 down I would jump on it. Any ideas how I could possibly keep it? Any help appreciated.

Are there 0 down loan options for land (I have not found any)?
Land Grants?

By the way it is 320 acres in Childress tx.

ranch has been in the family for well over 100 years. Its a shame family will let it go just to see the $.

I am not being an AH but if you can't give a DP how are you going to make payments on $320,000

I could be mistaken but as I understand asset inheritance and wills, equal percentage inheritees are determined by the "majority rules" rule. So if 2 of the 3 want to sell, it's going to be sold. Either ask them to allow you to buy it, maybe under an affordable and reasonable pay play to them or try and see if the buying party will be willing to lease you back the hunting rights, in fact maybe see if they will only sell to someone willing to lease you back the hunting rights, contractually. Otherwise, I don't see a lot of options there. Tying it up in probate court isn't something that's going to ultimately help you, just cost you unnecessary time and money..

Talk to the family members wanting to sell and see if they will owner finance without a down payment. If your FILwants to keep it, see about dividing it and him keeping his part. Then see if he would sell to you.

If your FIL wants to keep it then the two of you could partner, he rolls in his 1/3 of the ranch equity as the partnership's down payment and the two of you pay his other two siblings $213,333.33 for them to split and pocket cash...you should be able to get a land loan from Capital Farm Credit or a similar Ag lender, payment in the $1,500/mo range for 20 years ($213,333 @ 4.5% plus some insurance)...

lol Don. I have thick skin and do not think you are being an AH. My wife took on a new career path this last year which has set us back with only 1 income. That is picking back up. Unfortunately if I was following Dave Ramsey's program I would not even be thinking about it. lol. I just hate to see family property being sold because once it is gone, that is it!!!

At this point in time it is all wishful thinking.

Awefully short sighted to let it go. Probably have what, $80k apiece after taxes? I bet it would be gone in less than two years if that.

if you can't afford $320K I would not waste a min on it.

or you can make sacrifices such as take equity loans on your current residence,
sell your current house move into apartment etc ….

if you 're not willing to make any sacrifices don't expect any favors from banks....
they only know money

you can always buy another piece and start over at later time at your
much improved wealth status

If there is a zero down bank product out there on ranch land I'm not aware of it. Take TXBirddog's advice or have them seller finance it.

VA has zero down 30 year payments for vets on land purchase. I bought some of my land that way. Or should I say still buying it.

Who is the listing agent? I would like to check the property out if it has good hunting.

USDA offers a 0% down loan, but if you aren't into farming or ranching, you probably wont be able to get one. I'm not sure if this property would qualify.

Talk with your FIL and see if he is willing to either gift his 1/3 to you and your wife, if he does not want to do that or gifting causes tax implications to him that is not acceptable, You can buy from him. You can do a couple of options with him depending on what he willing to do. You can borrow from him (basically on paper only since he is not actually giving you the money) with a traditional principal/interest loan or even an interest only loan with him that can be forgiven upon his death. If the loan route, it has to pass the smell test with the IRS to not be considered a gift (minimum interest rate of something like 2% - 2.5%, drafted promissory note documentation, and regular payments). The important thing is it is a non secured note (i.e. the land can not be collateral). This way you have ownership transferred from him to you and then you own 1/3 free and clear as far as a lending agent is concerned. Your and your FIL's CPA and Attorney can help advise on this

Then you can go to a leading agent and you should be able to borrow 100% of the money needed for the other 2/3. Assuming the price you have to pay for the 2/3 is in line with the appraised value, you are only borrowing less than 65% - 70% of the value of the entire property vs. borrowing 100% of the entire value. This should be acceptable with most lenders.

I just went through something similar

Another option, depending on the grandfather's overall estate and what your FIL wants, needs, etc. is that your FIL could give up something else in the grandfathers estate to the other two siblings in exchange for their 2/3 of the property.

Feel free to PM if you would like for me to give you more details on what I have recently done.

Does your family own mineral rights?
I guess it wont matter, as they sucked all the oil out and only 4 operating wells in that area

Get your FIL to force a partition suit if this is an undivided interest.

This is very helpful and thank you!!! All of this has been wishful thinking and this seems to be closest to what I can do and afford. The only other thing worth anything (which is not much) is the 2 bedroom brick home that is in town. Selfishly I want it all. Especially since there is not a home on the property.