Posted on: 02nd Jul, 2012 11:55 pm
My sisters and I inherited a house in Los Angeles, CA from our parents. We've already been through probate and the house now belongs to all three of us. We are renting it out until we can sell it. It's paid off so we don't have to worry about a mortgage. We've had the house appraised at $500,000 through a realtor, who says he can sell it for us. Now one sister wants to buy the house and use as a rental to supplement her retirement income. However she doesn't want (or can't afford) the market value and want's to buy it at a much lower price, $280,000. My other sister and I refuse. We want our fair share. The arguing has caused my one sister to stop communicating with us, and now I'm afraid we will have to go to court to sell the house. My question is, if we apply for a partition suit and the house is put on the auction, what is the lowest bid the judge is likely to ask for? Will my sister be able to buy the house at a lower price? It seems that she might win out and buy the house at a price lower than the FMV if the other bids are low also.
Hi nella!
Welcome to forums!
If the property includes your name, then you will be able to file a partition lawsuit. The court may consider the market price of the property in order to sell it off.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If the property includes your name, then you will be able to file a partition lawsuit. The court may consider the market price of the property in order to sell it off.
Feel free to ask if you've further queries.
Sussane
Welcome nella,
The court may ask for an appraisal of the property. Depending upon the appraised value of the property, the court will decide upon the sale value of the property.
The court may ask for an appraisal of the property. Depending upon the appraised value of the property, the court will decide upon the sale value of the property.
The sale price will be determined by an appraisal. If it appraises for 500k, your Sister will have to pay you 166k and your other Sister 166k.
She's being unreasonable and taking advantage of you by saying she only wants to pay 280k for it. You and your other Sister will lose - she's not being fair. Who needs a Sister like that? Consider it a blessing she's not communicating with you anymore.
She's being unreasonable and taking advantage of you by saying she only wants to pay 280k for it. You and your other Sister will lose - she's not being fair. Who needs a Sister like that? Consider it a blessing she's not communicating with you anymore.
My bro & I inherited my dads home. Probate is done, we both want to sell and have buyers. We are not on speaking terms due to fact of feelings we both feel that each other owes the other money. My brother has a terrible drug problem and I can not seem to catch him on any good day. House needs to sell I need to get out of this partnership with him. Please help!! :(
Sounds like you're going to need the assistance of a Judge telling your Brother he needs to sell, or the court will replace him with somebody else, so it could be sold.