Homesteading Forum banner

1 - 12 of 12 Posts

·
Registered
Joined
·
1,265 Posts
Discussion Starter #1
I'm part owner of a house and, due to a number of circumstances, have decided to sell my share.

I've been poring over everything for several months now and can find no indication that I am required by law NOT to sell without the other owner's consent or to only sell to someone upon their approval. And unfortunately, due to the circumstances of what's going on, I am likely going to have to sell w/o the approval of the other owner and am anticipating the likely buyer will be a bank or real estate type venture.

I'm curious if others have done this --- that is, sold their share in a house to *strangers*. If so, let me know your experiences and advice.
 

·
Registered
Joined
·
441 Posts
Different states have different laws, so I don't know what the rule is in your area.

As a practical matter, though, it rarely happens. There are too many things that co-owners of property need to work together on--payment of real estate taxes, handling of rents, etc.

I did have a client once ask about buying into that situation, and I advised him to run like the wind. I'd be surprised if you found a buyer. Maybe you will, though, if you offer a substantial discount.
 

·
Registered
Joined
·
1,265 Posts
Discussion Starter #3
JulieNC said:
I did have a client once ask about buying into that situation, and I advised him to run like the wind. I'd be surprised if you found a buyer. Maybe you will, though, if you offer a substantial discount.
Thanks. That's my concern, as well, but something needs to happen soon.
 

·
Registered
Joined
·
441 Posts
As yucky as it sounds, you may want to check into a partition suit. When people own property as co-tenants, they each own an undivided interest in the property. So, for example, if two siblings owned a house as tenants in common, they'd each have a right to live in the house, which could be problematic (to say the least).

In a partition suit, the judge will divide the property. If the land itself is capable of division, then the judge will do that--5 acres to A and 5 acres to B, per a survey. If the property isn't easily divisible and the parties can't agree, then the judge will typically order the property sold and the proceeds divided.

If you sell to a third party without the consent of the other co-owner(s), the likely discount will be AT LEAST the estimated cost of a partition suit. Unless the property has some real potential, my guess is that most folks will steer clear for obvious reasons. I mean, if you're selling without the consent of the other co-owner, they'll figure there's something wrong with him (which is most likely the case).

Good luck.
 

·
Registered
Joined
·
1,265 Posts
Discussion Starter #5
I read about the partition suits and I REALLY don't want to go there. But I will if I have to. There's also a contract involved which I REALLY don't want to enforce --- but I will if I have to.

My assumption was, my best bet would be banks or real estate companies. It's in a very nice part of town, completely paid for and has the potential of being a very, very good investment --- for someone with the cash to do some serious upgrading.

However ...

JulieNC said:
I mean, if you're selling without the consent of the other co-owner, they'll figure there's something wrong with him (which is most likely the case).
Yup. :rolleyes:

I think I'll start forcing the contract and see if I can force sale of the entire property on my own. While keeping this idea in the back of my mind, just in case.

:rolleyes:
 

·
Registered
Joined
·
349 Posts
is it possible to sell your 1/2 to your partner, they might want to buy it just to be on the safe side.
 

·
Registered
Joined
·
1,265 Posts
Discussion Starter #7
daileyjoy said:
is it possible to sell your 1/2 to your partner, they might want to buy it just to be on the safe side.
That was the original plan. I wouldn't have gone into it in the first place otherwise. Needless to say, it hasn't happened. Sooooooo ... at this point, I just want out. Although there's a lot of flailing about trying to keep me from getting out.

:no:
 

·
Registered
Joined
·
1,265 Posts
Discussion Starter #10
caroline00 said:
so are you safe?

I guess that is the important thing. Money can be lost and earned again and again and again...
Oh yes!

I'm safe. In fact, in preparation for lowering the boom, I just did a rough estimate of everything I've spent for the past year. And, sure, I'd REALLY like a new barn ... put up by the guys down the road who actually know how to put up a barn! :haha: And a back porch. But those things will just have to take longer to happen.

But I can pay my bills. And I've managed to cover the most important expenses the last year. So I'll be fine. :)

It's a huge disappointment, of course. But that's okay. It will work out. I just hate doing stuff like this. :no:
 

·
Registered
Joined
·
441 Posts
If you have a contract regarding sale of the property, sue to enforce it. Partition is only available if you have no other rememdy.

I really hate to say this, but see a lawyer. I wouldn't waste your time and energy trying to sell property that will be difficult at best to unload under these circumstances.

Let us know what happens.
 

·
Premium Member
Joined
·
8,874 Posts
JulieNC said:
If you have a contract regarding sale of the property, sue to enforce it. Partition is only available if you have no other rememdy.

I really hate to say this, but see a lawyer. I wouldn't waste your time and energy trying to sell property that will be difficult at best to unload under these circumstances.

Let us know what happens.

Yes, if this property has any value worthwhile, I'm thinking you will need a lawyer sooner or later.

No one is going to buy 1/2 a property with those kinds of strings, not a bank either.

--->Paul
 
1 - 12 of 12 Posts
Top