Long story here.
My family has owned a piece of property in SW Virginia for about 130 years now. It was an apple orchard for a long time. My great-uncle used to run moonshine during Prohibition that he made on the site. I’ve got a picture of my dad in his hippie days, sitting on a still by a creek that runs through it. It’s great land. Rolling hills, ponds, and has a view of the Blue Ridge Parkway running on the top of the ridge.
When my great-aunt died, she stipulated in her will that the property goes to my dad when her husband died. (Great uncle didn’t actually own the land. As you might have guessed from the moonshine stuff, he had some trouble with the revenuers and couldn’t own property or it would have been seized immediately)
He remarried a woman and asked if she, too, could have a life estate on the property, meaning that she could stay there as long as she lived, if she outlived him. Fine. It all got changed so that, when she died, my dad would own the property. My great-uncle died a while back, but this woman lived there for years.
Dad got a call the other day, telling him that she had died. He also got several calls from people in the area wanting to buy the land. Dad wants to sell the land for an honest price. He doesn’t want to rip anyone off, but he wants to get something for it to give his grandkids. What’s the best way to proceed and make sure that he’s getting the most fair price? Any potential pitfalls?
It’s about 4.5 hrs from Washington DC, about 3 hours from Richmond. Anyone have any experience trying to sell to a piece of property in a big city like that for a hunting retreat? What did you find worked best?