VersaLand Real Estate

Well, finally put the finishing touches on IowaForeclosures.com!

Built the site to be the ONLY free site on the web that gets real, up-to-date, and FREE information on current Iowa Foreclosure listings to consumers.

Buyers love it because it's REAL data. No $39.95 a month charge to get a list of foreclosures that already sold 2 months ago. IowaForeclosures.com is real, up to date, and still AVAILABLE!

Buyer's agents love it because they get the opportunity to work with buyer's looking for investment property! Banks have become realistic about housing values, and they will accept reasonable offers. Many non-bank sellers are still stuck in 2006. Investors and other buyers take note......you're still probably wasting your time with that offer for 60% of asking price. Up until recently banks wouldn't budge off of their unwritten '95%' rule.

Lenders love IowaForeclosures.com because it not only brings thousands of buyers to their doorstep seeking to unload their REO inventory, but it also brings qualified borrowers seeking to take out loans. IT DOESN'T GET ANY BETTER THAN THAT for a a banker.

And finally.......

REO listing agents love IowaForeclosures.com because the more exposure a property gets, the faster it sells. The faster a property sells for, the higher price it typically realizes, and yes listing agents earn incrementally higher commissions.

So....buyers win. Buyer's Agents win. Lenders win. And REO Listing agents win.

IowaForeclosures.com check it out today!

We've been reading the Journal, watching CNBC, how is the whole Fannie Mae/Freddie Mac bailout going to effect citizens of the U.S.?

Well, in the short term.......better lending rates. A local credit union is quoting 5.375% for a 30 yr fixed mortgage TWO DAYS AFTER the federal government announced its takeover for Fannie and Freddie.

The extent to how the takeover will effect share holders is yet to be determined, but rates on the secondary market are still incredibly favorable to qualified borrowers.

I'm not going to give you a brainwashed answer of "Everything is great", but everything is pretty darn good for American mortgage borrower right now.

Get out there, find your dream house, and like I always say........."Make it happen"

Grant Schultz

VersaLand

Grant Schultz of VersaLand is an Iowa State University College of Agriculture Alum, and an expert in Agricultural 1031 Exchanges for estate planning. He can be reached at (319)277-1199 or at www.VersaLand.com

Time to Transfer: Now What?

Retirement. That can be a daunting word for many farmers. What can be even more daunting, however, is transferring the family farm upon retirement.

Farm transfer doesn't have to be a frustrating, scary, feud-filled process, however. Especially when you seek help from professionals. “Transferring the family farm is a detailed process and requires the help of professionals,” says Gary Hachfeld, University of Minnesota regional Extension educator.

“The laws are complex and they keep changing. There are lots of costly mistakes that can be alleviated by using a professional.

“Sure, you could go online and download forms, but you could also end up paying taxes you wouldn't normally have to pay, and your assets may end up somewhere unintended,” he says. According to Sharon DeVaney, professor at Purdue University, a professional can help in the transfer, especially if there are communication or other issues within the family, including off-farm siblings being included in farm transfer.

“An advisor should try to learn the goals of the older person, and encourage them to make estate plans while in good health,” says DeVaney.

“Most advisors suggest that (off-farm siblings) be included in the planning for transfer, but the contribution made over the years by the child who stayed on the farm should be rewarded.”

When it comes to including the family in the transfer, many emotions can become involved. That's another good reason to work with an outside professional.

“A professional can play an intermediary role in helping the exiting generation think through their goals. They can also help by downplaying or eliminating family feuds in dividing assets,” says Hachfeld.

TO AVOID FEUDS from the get-go, it's important to set goals and have firm strategies for the transfer process. “The strategies selected depend on a number of issues, including finances of all parties, tax issues associated with each strategy and treatment of other non-farm heirs,” says Hachfeld.

“Once the transfer process has been established, an associated estate plan must also be drafted. The combination of a strong transfer plan associated with an estate plan can enable a farm family to meet its farm business goals.”

For information about starting the transfer process, and even bringing up a transfer, visit the Who Will Get Grandpa's Farm Web site (www.ces.purdue.edu/farmtransfer/index.htm) developed by DeVaney. It addresses different scenarios and strategies in transferring the farm.

The University of Minnesota Extension also has some helpful fact sheets that can be found online at www.cffm.umn.edu, and then clicking on Publications — Farm Management along the left-hand side. Then, scroll down to find the series on transferring the farm and estate planning.

Grant Schultz of VersaLand is an Iowa State University College of Agriculture Alum, and an expert in Agricultural 1031 Exchanges for estate planning. He can be reached at (319)277-1199 or at www.VersaLand.com

Checklist for beginning to think about retirement planning

ü What do you want to do with your time?

ü Would you like to work part-time, on or off the farm?

ü Do you want to do volunteer work, help family members, enjoy your hobbies?

ü Will you quit farming, sell the farm, move?

ü Will you stay where you are?

ü Have you talked about retirement with family members? Checklist for estimating the amount of income needed in retirement.

ü Keep a record of current spending.

ü Think about potential changes in spending after retirement.

ü Think about changes in income.

ü If needed, think about what adjustments to make. Checklist about how you should plan for retirement. ü You should learn about Social Security benefits.

ü If you work off the farm, are you eligible for an employer plan? ü Do you save for retirement with an Individual Retirement Account (IRA)?

ü If you have other investments, are they diversified?

ü If you own property, have you determined the value of your property?

ü Do you keep good records for yourself and your farm or business? Checklist for women on retirement planning.

ü Are you informed about Social Security and retirement benefits?

ü Do you work for an employer that offers a pension plan? ü Do you contribute to the employer-sponsored pension if you are eligible to do so?

ü Do you know what happens to your pension if you change jobs?

ü If you divorce, are you entitled to a portion of your spouse’s pension benefits?

ü If you are not eligible for an employer pension plan, do you have other savings?

Grant Schultz of VersaLand is an Iowa State University College of Agriculture Alum, and an expert in Agricultural 1031 Exchanges for estate planning. He can be reached at (319)277-1199 or at www.VersaLand.com

Planning for the transfer of your assets to your loved ones is a heartfelt decision. Estate planning is a crucial part of everyones finances. I have organized a six part series to best outline the steps necessary for proper estate planning. If you have any questions regarding estate planning, please contact your attorney or another trusted advisor.

Yours in Service,

Grant Schultz,

VersaLand

Step 1. Initiate the Discussion

For many people, one of the biggest challenges in getting started in estate planning is beginning a discussion. Too often, family members are hesitant to discuss estate planning.

In some cases it is older family members who delay because of unpleasant thoughts of growing older and dying. In other cases, it's younger family members who hesitate because they don't want to place additional stress on older family members.

How can you initiate a discussion without causing misunderstandings? One way to initiate a discussion is to share what you've learned from this web site or others about estate planning. Encourage other family members to read the materials too.

There are many books, magazine articles, and other publications that address estate planning. These could serve as a conversation starter. There isn't one "right" way to start the discussion. Sometimes using someone else's story can help you get started. The death of a neighbor, distant relative, or friend may give you a place to start.

You could say, "Do you remember what happened to so and so and what his family went through? I don't want us to go through all of that." Talking about your wishes can help you clarify what you want to happen. Others may ask you questions or tell you things that will help you explore what you want. The more clearly you communicate your wishes, the easier it will be for everyone to understand what you want. Be sure to discuss plans you make with your loved ones. Discussing your plan with your heirs can relieve stress heirs may feel. Remember that keeping your estate plan a secret can lead to family conflict.

Explaining your decisions to family members can reduce the potential for conflict and misunderstandings. For additional tips on starting the conversation, go to http://www.yellowpieplate.umn.edu/fa-04.html Conversations about estate planning are important and sometimes challenging.

This publication has helpful suggestions for any age group: http://msuextension.org/publications/FamilyFinancialManagement/MT199324HR.pdf

For more information about how to communicate when there are sensitive issues relating to property transfer visit, http://www2.ces.purdue.edu/farmtransfer/