The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1933-05-26
Land Sales Picking Up
Bank Officials Report
State institution Reports Some
Purchases and Large
Number Of inquiries
Land sales are picking up in North

Land sales are picking up in North
Dakota.
This word comes from r. M.
Stangler. manager Of the Bank of
North Dakota, and c. w. Lewis, in
charge OF the banks land sales de-
partment.
Thirty farms have been sold during
the last two months and Lewis has
put at 700 the number which he ex-
poets to sell before December l.
This still would leave the bank with
more land on its hands than 1t likes
to think about but 1t would be a big
Improvement on the approximately
1900 farms which 1t now has or ex-
poets to have.
The number Of farms which It will
list In Its files for sale depends In part
upon the supreme courts ruling on a
law extending for two years the per-
iod in which title may be taken af-
ter foreclosure. II the old law holds,
the farms upon which the bank has
foreclosure claims will come into its
hands with relative speed. If the new
statute is effective the time in which
it acquires these properties will be
extended.
In addition to sales actually made,
inquiries are pouring into the bank
daily. They come largely from with
in the state, many farmers who have
lost their lands desiring to get them
back and others seeking to locate on
farms.
Although the bank desires to get as
much cash down as possible in max
Ing land sales, officials are disposed
to be reasonable" Lewis said, and in
dicated that any bona fide purchaser
can make a pretty fair deal.
On most Of the sales to date the
bank has obtained about one third
down with an option for contract CIV
en- the purchaser If he stays on the
land and makes few more payments.
AS soon as he has paid a little more
he Is given a contract for deed and
little later the deed itself. This Is
done, Lewis explained, In order to
prevent any entanglements in case the
deal doesn't work out.
Terms Are Adjustable
Terms of sales are adjustable, the
idea being to have the purchaser pay
considerable on his loan II he has a
good year and the bank willing to
string along" in the event Of poor
crop or low prices.
. The land sales campaign will be In
charge Of the banks field men, re-
Gently numbering 10 and now num-
bering Is. Their jobs are to manage
the banks property, make collections.
negotiate sales and otherwise handle
the institutions affairs In given
area. Each will be given lists Of lands
to be sold.
The land has not been listed with
real estate agents In various localities
and probably will not be, Stangler
said, since this arrangement causes
complications, In completing sales and
the field men should be able to handle
the work.
TO date no losses have been sustain
ed on any lands sold, the prices
agreed upon taking care Of interest,
taxes, foreclosure costs and any other
items which the bank has had to pay.
Before the land is all sold, bank
officials indicate, they expect to take
losses on some properties but what
this will be, II any, cannot be deter
mined until the sales are made.
Meanwhile, Stangler said, deposits
in the bank are holding up well. The
bank holiday helped some as since
that time many banks have made re-
deposits in the Bank Of North Dakota,
Continued on Page Nine)