Acquiring half ownership of property - Posted by Mark,Ca

Posted by Rich-CA on August 01, 2007 at 20:50:15:

Turn them in to the police and then buy the house from the government auction. Drug houses are seized by the government and then auctioned.

Make sure it was not also a meth lab. Some states require such a property be demolished.

Acquiring half ownership of property - Posted by Mark,Ca

Posted by Mark,Ca on August 01, 2007 at 20:04:58:

Acquiring half ownership of property owned between siblings

Hi All

I would like to buy a property that is a crash pad for meth heads down the road from a few rentals I own. Due to all the drug activity it is dragging down property values.

The problem is, one owner (the brother) is not interested in selling, but the other owner (his Sister) would like to get out but does not want to upset her brother with a forced sale

I was told that if the ownership is tenants in common I could buy the sisters ownership and then force a sale to buy the remain half for get someone else buy the property

Is this true?

Thanks for your help

Re: Acquiring half ownership of property - Posted by StevenS(CPA)

Posted by StevenS(CPA) on August 02, 2007 at 07:56:45:

This is a nightmare waiting to happen. There’s a reason why this is a crackhouse it’s because the owners can’t get it together. Now you want to step in and cause more drama. I can see this being dragged into court and lawsuits for so long that your children’s children won’t see this house.

My advice is go for deals that do not have drama attached to them unless you can weather the drama long enough to still make a profit.

Otherwise, buyer beware there’s no drama that last longer than family drama.

Re: Acquiring half ownership of property - Posted by Kristine-CA

Posted by Kristine-CA on August 01, 2007 at 21:54:59:

You can buy the sister’s half but you could be taking on a lot of
unknowns…unless you make sure you know about them. Debts and
liens could be against either of their names and/or the property. You
are taking on a partner that doesn’t want to sell. It’s not likely he’ll be
happier with you than his sister. Partitions take time and cost money.

So, if you buy the half interest, I suggest buying at a substantial
discount. I don’t mean half of value minus some costs. I mean
pennies on the dollar.

And I say this because it’s happened to me more than once: once you
start negotiating to buy that half from the sister and it looks like you
may close on it, the brother will likely come around. At that same time
the sister realizes that she and her brother can make so much more
money by selling together. They become unified enough to list the
property. So unless they are not speaking to each other and the
brother has no way of knowing half is being sold, it might not happen.
I consider this my service to families who would still not be speaking to
each other if it weren’t for my offer to buy a partial. I’ve helped out
more than a few families (and couples) in this regard. Seriously. Lots
of dead leads in the partial dept. for me.

If you are serious about the half interest, I suggest locking it up asap.