Long story short, my siblings and I inherited a house in SF and we cannot agree on terms so some of us would like to sell our portion. Anyone interested? The house is in excellent conditon and is currently rented to long-term tenants.
altered due to rules violation
It will be very, very hard to sell a fractional ownership interest as there is the first issue of shared ownership, professional vs amature management styles and difference's of opinion when looking at strategy, length of ownership, repairs and maintence and exit strategy!
If you recieved this as an inheritance and one or more of you want out your siblings either need to buy you out or agree to market and sell the property off so inheritance is distributed. By law your siblings can not lock you out by refusing to sell or refinance enough to pay you off and keep you from recieving your inheritance.
But their are very few people on this earth who want 5, 10, 20 or 25 percent ownership with a bunch of family siblings who share ownership interests!
If you had 3 fellow professional investors with an agreed term, operating agreement and exit strategy it would be just business!
When your ownership group (Brothers and Sisters) all agree to sell outright their will be many buyers interested.
If I was buying a fractional ownership under these conditions you might be lucky to get me to offer you 10 to 25 cents on the dollar!
I’m an investor and have to make profit in a deal and with that said your better off going to court if that’s what it takes for your brothers and sisters to realize they have to allow you to take your inheritance! It’s not sueing your siblings, it’s forcing distribution by way of probate or trust laws and seeking a judges court order!
Go to your local rei groups. Or contact a realtor to sell it for you. Then split the proceeds. Some investors will be happy to help you with liquidating this home.
@GR ~ We understand that but one sibling is unwilling to sell and unwilling to buy any portion. We have since been contacted by an investor who has offered a lowball price for individual shares and we are ready to go for it - BUT ONLY IF WE KNOW HE IS SERIOUS!!
Tell the sibling, they must buy it, or pay you your share. Are they the ones living in the house? Who pays the upkeep cost?Who get the rent payments? Is it free and clear?
Lucy let us know what happened with the deal. :smile
is you option still open? or you have got any good deal?