Moparfanforever 844 #1 Posted December 11, 2022 If three different people own some land and two people want to sell it but the third person does not, anyone know how that would work out ?? The third person does not have enough money to buy the other two out. Thanks !! 1 Share this post Link to post Share on other sites
Jeff-C175 7,199 #2 Posted December 11, 2022 The two of you make the third an offer he can't refuse, then sell the land and split two ways. OR... you could get Rocco involved. Rocco can make the third person 'go away'! 7 Share this post Link to post Share on other sites
elcamino/wheelhorse 9,297 #3 Posted December 11, 2022 Get advice from a lawyer who deals in land sales. 4 6 Share this post Link to post Share on other sites
Handy Don 12,214 #4 Posted December 11, 2022 11 minutes ago, elcamino/wheelhorse said: Get advice from a lawyer who deals in land sales. One who has worked with estates and disagreeing beneficiaries might be useful, as well. 2 2 Share this post Link to post Share on other sites
Handy Don 12,214 #5 Posted December 11, 2022 Solution could be to involve a 4th party who'll invest or even to subdivide the land (depending on size, location, etc.) 2 Share this post Link to post Share on other sites
ri702bill 8,316 #6 Posted December 11, 2022 But... too many cooks spoil the soup (broth) .... Remember - if all parties are related - "Inlaws can be Outlaws" BTDT.... 2 1 Share this post Link to post Share on other sites
Moparfanforever 844 #7 Posted December 11, 2022 27 minutes ago, ri702bill said: But... too many cooks spoil the soup (broth) .... Remember - if all parties are related - "Inlaws can be Outlaws" BTDT.... Totally agree 👍!! A lawyer will be consulted, figured someone has probably went through the same thing and wanted to know how it worked out. 1 Share this post Link to post Share on other sites
rmaynard 15,436 #8 Posted December 11, 2022 You have to look at the original deed and contract of purchase. If the property was purchased by all three, there might be a clause for just this sort of situation. If it was a family thing where all three were left one third ownership, that's a different set of rules. Get a real estate attorney involved. Don't try to handle it on your own. 5 2 Share this post Link to post Share on other sites
SylvanLakeWH 25,535 #9 Posted December 11, 2022 And do everything in writing... 4 Share this post Link to post Share on other sites
Moparfanforever 844 #10 Posted December 11, 2022 3 hours ago, rmaynard said: You have to look at the original deed and contract of purchase. If the property was purchased by all three, there might be a clause for just this sort of situation. If it was a family thing where all three were left one third ownership, that's a different set of rules. Get a real estate attorney involved. Don't try to handle it on your own. Yeah,unfortunately it is a family thing. Going to talk to an attorney and see what our options are. 1 Share this post Link to post Share on other sites
lynnmor 7,305 #11 Posted December 11, 2022 My MIL and two siblings inherited a farm, after playing games for a year it was decided to put it up for auction. Long story short, the minimum price was set by the average of the three, but kept hidden till sold. The one quoted $1.00 and the place went for way less than market value. 3 Share this post Link to post Share on other sites
ri702bill 8,316 #12 Posted December 12, 2022 1 hour ago, lynnmor said: after playing games for a yea As I said - BT, DT...... 1 Share this post Link to post Share on other sites
953 nut 55,193 #13 Posted December 12, 2022 5 hours ago, ri702bill said: "Inlaws can be Outlaws" Went through this after my father-in-law passed away. His son was the executor of the will and had his daughter and son-in-law living in the house rent free for over a year and expected us to pay 1/3 of the taxes, insurance and HOA fees along with my wife's sister. I contacted the attorney who had updated the will and he told us since there was nothing preventing the sale of the house we should have an appraisal done and file a civil suite. Once my brother-in-law got a call from the appraiser he changed his tune and offered to buy it from his sisters. We had no intention of filing an legal action but he wasn't too sure. The ironic thing is that the value had increased during the time he had been holding the house so his sisters got more than they would have gotten. 5 Share this post Link to post Share on other sites
SylvanLakeWH 25,535 #14 Posted December 12, 2022 5 minutes ago, 953 nut said: The ironic thing is that the value had increased during the time he had been holding the house so his sisters got more than they would have gotten. Karma... 5 Share this post Link to post Share on other sites
Moparfanforever 844 #15 Posted December 12, 2022 I didn't want to have anything to do with it when we inherited it, especially since three people are involved, but at the time my wife wanted to keep it,and wives can be persuasive. Now, she has changed her mind, especially since I am older and I told her I am not taking care of it any longer. There is nothing in writing saying it cannot or will not be sold. Time to put my foot down, cause I ain't Skeered !! Well, maybe a little. 1 4 1 Share this post Link to post Share on other sites
Handy Don 12,214 #16 Posted December 12, 2022 13 hours ago, Moparfanforever said: I didn't want to have anything to do with it when we inherited it, .... Time to put my foot down, Family stuff is tough. My Dad left a "family" investment fund with shares spread amongst 24 members and me the (surprised) executor. Not a life-affecting amount of money, but a nice gift. Some of us liked the excellent rate of return and were willing to leave it alone but some really wanted cash. I knew Dad would have liked the fund to continue so I came up with a way for the "stayers" to buy out the "leavers" but didn't get a good response. Long story short, I realized that even though I "knew" all these relatives, I really didn't know their financial situations and aspirations. The fund got liquidated and distributed. Looking ahead, I've made my will a lot clearer to save its executor from being in any similar situation. 1 Share this post Link to post Share on other sites
