Partition of Licitation

Partition by licitation is partition by sheriff's sale. Unless otherwise agreed to I believe it would be a public sale by the sheriff of the Parish where the property is located. Partition by licitation is an effective tool for buying out co-owners but has a few cons.

First, anyone can bid at a public sale. Daddy Warbucks could come in and outbid the other 26 for the property when the other 26 co-owners actually wanted to keep it.

Second, a sheriff's sale is really not an effective way to sale property. In rural Parishes only a handful of bidders even come. Even in EBRP there might be several dozen, but most of them are focused in on one of the other several dozen properties up for sale. You are unlikely to get market value. In fact, the vast majority of third party bidders (99%) at a sheriff's sale have no plans to come close to market value.

Third, it cost money. The attorney(s). The Clerk of Court. The Sheriff. The appraiser. The newspaper.

If you guys could agree on a 3rd party valuation method and agree to purchase based off of that, the valuation will cost MUCH less than a partition by licitation.