odd situation what's your opinion?

AR Transplant · #1 03/30/11, 02:17 AM

Ten years ago my dh and a friend went together and purchased a tractor. Neither could afford to buy their own.

The ownership thing has worked beautifully, and with highest respect for each other. ( as far as we know on our end )

Two years ago the friend up and sold his half of the tractor to a guy that my dh had never met, the friend just said that he was as good as gold. The friend didn't consult dh in any way.

The new (half) owner has been great, no real problems to speak of at all.
But we kinda feel like we been done wrong by the original partner.

Now we would like to sell our half of the tractor and the new owner doesn't think it is worth much so he didn't offer enough to really make it worth our while.

I know it was a risk in the first place, but how would you sort this situation out? And yes, we should not have done it. But can't unring that bell now.

copperkid3 · #2 03/30/11, 02:31 AM

The 'original' other half owner should have given your hubby the right of "first refusal"; i.e.
since he wanted to sell out his half, the decent thing to do would have been to offer hubby
a chance to buy it in it's entirety. Since that ship has sailed and the 'new' half owner isn't
willing to come up to your offer, you can either continue this relationship, or find another
buyer and let the 'new' owner find happiness in this partnership. However, you're probably
going to have a bit of trouble unloading this 'white elephant'......or at least your 'half' of it.

pheasantplucker · #3 03/30/11, 05:33 AM

set your price...ask current half owner if he wants first option. If declined, seek the same price elsewhere.

Tad · #4 03/30/11, 05:53 AM

If he thinks it is now worth so "little" offer to buy his half and then sell it out right.

Tarheel · #5 03/30/11, 06:35 AM

Quote:

Originally Posted by Tad

If he thinks it is now worth so "little" offer to buy his half and then sell it out right.

My thoughts too ! Get his price and if it's fair buy him out. If it's not sell it to him for the same amount.

foxtrapper · #6 03/30/11, 06:47 AM

Craigslist your half and see if you get lucky.

wwubben · #7 03/30/11, 08:40 AM

Make a deal with the other guy.One of you set a price for the entire tractor and then the person who did not set the price has the option to pay that price or refuse it.The person who set the price would have to pay that price if the other guy refused it.I began farming in partnership with a friend and when we decided to go on our own we inventoried all of our joint property.I set a price on it and my partner agreed to the price.That was 39 years ago and we are still friends.

Belfrybat · #8 03/30/11, 09:17 AM

Could you get the tractor appraised? Or is there a "blue book" for farm implements? I think you need a third party appraisal to find out what a fair price would be.

michiganfarmer · #9 03/30/11, 09:51 AM

If the new half owner is good to deal with, I would keep your half, and continue sharing.

Bearfootfarm · #10 03/30/11, 11:43 AM

Offer him what he offered you for his half and see if he still thinks it's a "fair" price.

I don't see how you could realistically expect to sell "half" a tractor to anyone you don't already know, and if he thinks it has so little value, he should be happy to get out of the deal and buy his own tractor

luvrulz · #11 03/30/11, 11:46 AM

should've had something in writing about first refusal and all that..... otherwise, buy out his half and sell it outright like suggested above. call a bank or someone that can give you the "blue book" value of the tractor and offer him that..... good luck getting out of this one -

AR Transplant · #12 03/30/11, 11:48 AM

we are moving, we " could" keep the tractor but would clearly be at a disadvantage, unless we could work out a schedule ?

we won't do to the new owner what we felt was done wrong to us.

we got a blue book value and it is much higher than the offered price, but the new owner pointed out flaws in the tractor that devalued it.

I would love to own the tractor and if he would take the price he offered us we could afford it, but he needs the tractor, he would not sell.

It's a sticky wicket, these new owners are very nice and as the closest neighbors, no worry. For a living, he buys product for his company, and it is his job to get the very lowest price, it's almost a challenge for him. We just think he low balled us and we don't want to sell it at that price. We couldn't even begin to replace it with that money.

My biggest problem? Forgiving the old owner. I am working very hard on that.

ronbre · #13 03/30/11, 11:50 AM

what is done is done, better to go forward and make the best of it..pray over it and maybe God will give you some answer

CarolT · #14 03/30/11, 12:02 PM

Offer your half for sale and have the buyer talk to the other owner. Inform the other owner before you offer it. He thinks he has you over a barrel and you'll settle for the lowball. How far are you moving? Since you were one of the original owners, maybe the tractor should come with you and he come pick it up for use? Honestly, if I thought he was trying to rip me off, I'd have someone come act very interested in it and talk to him about arranging the share, etc. Might "motivate" him to come up a bit on his offer... JMO

Michael W. Smith · #15 03/30/11, 02:05 PM

Hmmmmmm . . . . . . I'm not sure what kind of "friend" would sell his half of the tractor to someone you didn't even know. Never talked to you about, and you didn't even know the "new" guy buying it.

But that is in the past.

I would assume that since you are moving, the other half owner thinks he has you over a barrel and can get a good deal.

I would inform him the price is not acceptable, and the only fair way to settle it is to list it for sale at a price you both agree to. Once it is sold, the money is split in half and you both go your separate ways. (This might just call his bluff.)

I'd be interested to know with this "half owner" deal, who housed the tractor? Who maintained it? Who repaired it when something was broke? More information may change my opinion.

Bearfootfarm · #16 03/30/11, 02:20 PM

Quote:

I would inform him the price is not acceptable, and the only fair way to settle it is to list it for sale at a price you both agree to. Once it is sold, the money is split in half and you both go your separate ways. (This might just call his bluff.)

That's the best idea so far

HOTW · #17 03/30/11, 02:45 PM

I would give him th eoption of your price, or the selling and splitting then if he refuses both tell him you're going to share your share and see if he comes back with a decent price. He figures he has you over a barrel, quite frankly since he didn't have any qualms about the buying ti without knowing you he shiould be willing to do the same if you go that route. I would not let your personal feelings in this affect your chance to get fair money back, I'd even mention goign to craigslsit. He's had it good and he knows it and is willing to treat you wrong so I find that harder to forgive than the first partner!!!

He needs reminding of th eGolden Rule in his case.

Harry Chickpea · #18 03/30/11, 02:56 PM

Since it is half yours, remove the right wheels, every other piston, half of the seat, and so on, then sell them.

homesteadingman · #19 03/30/11, 02:57 PM

Quote:

Originally Posted by Tad

If he thinks it is now worth so "little" offer to buy his half and then sell it out right.

DEFINITLY! I agree totally. I bet he changes his tune really quick. The other is probably saying that to make you lower your payoff price. If he dont want what you offer, stick with your half.

||Downhome|| · #20 03/30/11, 03:05 PM

Offer to pay him his price (the one he offered you) if he declines then tell him that it needs to be sold outright at a acceptable price and money split. if he declines then
since this is on the share plan, tell him it shall continue but new schedule of sharing,
each owner will have it one season in rotation,I.E you this season him next. the person who has it for that season shall be responsible for transport from the others place, since only one is using it at a time that person is responsible for all up keep during the season
they have it and records and receipts should be kept as well as a log of use to verify that. the user taking the tractor for their season should look over the tractor and verify it is in proper condition noting anything improper from the previous season. if not then he should insist the other note it and rectify.

put it all in writing as in a use contract. if he does not want to sign it, tell him that you have offered several other amicable offers and since he refused the first two this is the best option to go. you could then take legal action not sure which way to go but I think with the 3 options above he may just take one of the first two. more so if you push the third.