Posted by John Merchant on August 11, 2010 at 18:35:31:
With only 1/7 of net value in your name that means the other 6 parts owners or one or two of them might like to buy your minority interest right now, in current as-is status.
So I’d send letter to other 6 part owners offering to sell your 1/6 for best offer over $25k and see what offers you might get.
I’ve settled a number of partial ownership cases just this way as there’s always somebody in the majority group who wants to own it all.
One of the deals I settled this way was for a Judgment owner in IN who had a J against his old firm and couldn’t find a buyer for it…I suggested he see if the firm itself wouldn’t like to be able to buy it for nice cash discount, he so offered it, they accepted and he got his cash quickly.
Probate Beneficiary Question - Colorado - Posted by Abdenour Achab
Posted by Abdenour Achab on August 11, 2010 at 17:50:08:
Hi,
I am the 1/7th beneficiary of a probate estate in Colorado.
The main asset of the estate is a house worth about
$210,000. 5 of the beneficiaries are family members (not MY
family members). 6 of the 7 want to sell the house through a
broker and divide up the cash, but one of the 7 is holding
off signing the listing agreement.
Is there a cost effective way for me (living in California)
to force a sale. I only expect to get $25,000 after sale’s
costs as my share of the cash. So an expensive lawsuit is
not a good solution, unless there is a way to have the
lawyer paid from the proceeds of the sale of the whole house
(i.e. my share of the cost would only be 1/7 of the cost of
the lawsuit).
I am not on the deed, so I suspect a partition lawsuit won’t
work in this case. What I own is the rights to 1/7th of the
proceeds, acquired using a Bill of Sale of such rights.