Ask Lem: How Long Does a Ranch Sale Take
It took just more than 18 months from listing to ownership transfer to sell the storied, 535,000-acre W.T. Waggoner Ranch.
Nearly 900 would-be buyers expressed an interest, despite the $725 million price tag.
In the end, a half-dozen potential buyers paid $15 million in order to submit a bid, and in February 2016, billionaire Stan Kroenke – owner of the Los Angeles Rams and Denver Nuggets – claimed the prize.
Many people believed that the historic estate founded Dan Waggoner in 1849 would never be sold – not just because of its size and price, but because some of the descendants of Dan – his great-grandson Buck in particular – swore to prevent a sale of the historic property.
Selling the ranch, The Dallas Morning News observed, “was the deal that wouldn’t get done, couldn’t get done.”
Although the ranch officially went on the market in August 2014, it had, in fact, been poised for sale since 1991, but faced repeated legal obstacles and tactical challenges.
In many ways, the Waggoner Ranch represents the epitome of “tough” ranch sales: embodying size, cost, legacy, legal, and family obstacles.
Yet it sold.
Average Ranch Listing Time
Most ranches do sell in a reasonable period. And the better informed and experienced your broker, the greater the likelihood of expediting the sale – even when it comes with special challenges and circumstances.
Over a period of several years, I’ve studied how long the “average” ranch is on the market. What I found is that it typically takes eight months to sell a ranch property.
That time frame can be shortened significantly, however, when a quality broker is able to correctly assess the market and price the ranch to benefit both the seller and the buyer.
It’s not rare for me to actually close within four weeks – yes, one month – when by working closely with the seller I’m able to price and market the property correctly.
Deciphering Arcane Deeds
I pride myself on being an expert at ranch valuations, negotiating, studying investment returns, and deciphering complex and often arcane real estate deeds.
Perhaps because I, myself, am a passionate 4th generation rancher and understand how attached we grow to our properties, I’m often able to help reluctant sellers identify buyers who will preserve and protect their beloved property and legacy.
As I’ve previously written, I consider helping people buy and sell ranches a calling, something I am meant to do; my higher purpose.
If you’re considering a ranch sale, it would be my sincerest honor to help you make the right choice for you and your family.
A ranch sale may take weeks, months, or even years – depending upon the nature of the ranch and the needs of the seller. What’s most important in the end, I’ve discovered, is not how long it takes, but how satisfied you are when the sale is finally complete.
If you have questions about buying or selling a ranch, please don’t hesitate to contact me.
I’ve designed a series of short videos, “Ask Lem,” that address common questions I hear from both ranch buyers and sellers. You’ll find them here [http://www.theranchbroker.com/ask-lem-faq.html]
For more detailed answers, I’m always just a phone call away – 210-275-3551. It would be my pleasure to speak with you and share my experiences in buying and selling great Texas properties. Live water ranches and large acreage transactions are my specialties.
And be sure to stay tuned for upcoming editions of my new audio program, RANCHCAST, at www.RANCHCAST.com.