Am I wrong?

My father in law has a Cat 977L that he bought a whale of a deal in. He gave $4500 for it because the man thought it needed a lift pump and was tied of messing with it. Truth was it was out of fuel. Fast forward 6 months. Their old neighbor wants to buy it to build a lake. The loader as it sits is probably worth $25k to $30k. He priced it to the neighbor for $11k and says he went low because the neighbor knows what he gave for it. I personally don't see what he gave for it or the neighbor knowing has to do with anything. Especially this neighbor. He treats EVERYTHING like a business. Not exactly the kind of neighbor I want but that's another story. Anyway, does the neighbor knowing my father in law got a deal dictate that the neighbor also gets a deal? The way I see it the loader is worth what it's worth regardless of what he gave for it. Had he over payed the neighbor wouldn't give him more so why should it work the other way? Just curious how others see a situation like this.

YUP!---Don't matter what I gave---it's what I want.-- that is the deal and take it or leave it!

Sells for what market will bear or if you want can give it away.  New Neighbor has no room to ask for lowball figure because you bought it right.  Running Operating in decent condition is Market Price.

If he doesn't want to pay the going market price let him go buy one somewhere else. Just because your FIL got it at a great deal doesn't mean he has to sell it at a low ball price.

That's been my thought on the whole thing. This is the neighbor I've talked about before when we were running the old farm. He was always a PITA about something. My mother in law wants to break it off in him. He bought the old farm to build a new wedding venue. He gave them 6 months to get moved but had absolutely no problem with basically destroying everything but the house while they were still there. He had in the contract that construction would start as soon as the deal was final. Within a month of the deal being final 2 chicken houses were gone and he was pressuring them to get stuff moved out of the other buildings. I don't know. I know when the deal was done it belonged to him but I would think he'd have a little respect and not start destroying everything they'd spent 30 years working for while they were there.

I agree on the dozer, but see the house as a different story.. He BOUGHT the ground and gave them 6 months to live there ?  Told them he would start demo / construction as soon as sold ... They had to expect him to get with it and start demo of the old buildings.. I think anyone would have done that... Giving them 6 months to slowly leave the HOUSE sounds like he was working with them, from my point of view.

I had a situation somewhat like that.  A friend of mine was quitting farming after his dad passed away.  Told me it just wasn't as much fun anymore.  They had a lot of collectable tractors plus some newer ones.  I really wanted the 8030 with only 2750 hours on it.  Since it was an auction, I needed to pay the going price it was going for, $18,000, not too outrageous but high enough for a 30 year old tractor.  The thing is, seven years earlier, they paid $3,200 for it at a dealer going out of business sale.  I wanted the tractor and paid the price it brought.   

Nice guys finish last....FIL too nice....it's his to sell for whatever he wants....has NOTHING to do with what he paid for it or what it took to make it usuable....no ones business cept his.

Our Labor is still worth money, someone decided NOT to invest the time is none of their business as to how much worth if we do.

sell it for market value...

no way would I leave that much meat on the bone. your FIL got super lucky, no need to share that. and if you think the buyer will come back with 20k when he sells it (because he will sell it) and split it with you then you have a better outlook on humanity than I do

Let's go back to the beginning....why would he sell off a great toy which cost very little. Too handy to have around even if only used occasionally.

That solved that problem

While he's still got it, educate him on the value of it...

thendrix wrote: I tried Dave. If he could hear me he still wouldn't listen. I'm his son in law until I start to argue with him. At that point I become that little bastard that married his daughter

that cracked me up yes I understand that!