ABA's Agricultural and Rural Bankers Committee, responding to a boom in farmland values, has produced a tip sheet for farmers considering buying farmland during this hot market.
"Record prices are being paid for farmland in many parts of the country. Members of the ABA Agricultural and Rural Bankers Committee developed some practical financial tips to assist farmers and ranchers who are contemplating making land purchases," said John Blanchfield, ABA's senior vice president for Agricultural and Rural Banking.
"In this hot real estate market, the need for buyer due diligence has never been higher, and bankers, who have deep experience in real estate acquisition and finance, are a great resource for producers to consult," added Blanchfield.
ABA has also produced a video summary of agricultural credit conditions featuring the committee's chairman Kim Greenland, market president of Great Western Bank, Mount Ayr, Iowa, and vice chairman Keith Geis, president of Platte Valley Bank, Wheatland, Wyo.
The tip sheet is available at: /aba/documents/communications/BuyingLand.pdf
The video is available at: http://www.youtube.com/watch?v=gYWCu8iYfDM
The American Bankers Association represents banks of all sizes and charters and is the voice for the nation's $13 trillion banking industry and its two million employees. The majority of ABA's members are banks with less than $165 million in assets. Learn more at aba.com.