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OogumBoogum
Member since Jun 2014
127 posts

Another legal real-estate query: Forced sheriff's sale of jointly owned property
Any input appreciated: Two parties/partners own real estate (raw land) together. One party seeks buyout from other party, who is uninterested in full ownership. Property has been on the market for years with no serious offers. What can the first party do to unload its share of the property? Is a forced sheriff sale the only recourse? How messy can that get?
This post was edited on 1/27 at 10:03 am


boosiebadazz
Member since Feb 2008
66689 posts

re: Another legal real-estate query: Forced sheriff's sale of jointly owned property
Where is the land located?


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USEyourCURDS
USA Fan
Member since Apr 2016
8437 posts
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re: Another legal real-estate query: Forced sheriff's sale of jointly owned property


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SWCBonfire
Texas A&M Fan
South Texas
Member since Aug 2011
672 posts

re: Another legal real-estate query: Forced sheriff's sale of jointly owned property
Sell their undivided interest at a significant enough discount to make it attractive to a cash buyer. Typically can't get financing on undivided interest, unless the borrower can put up a similar property that is owned outright for collateral.

Don't know about the laws in whatever state this property is in, but you may also be able to file for partition if it is raw land and can be divided equitably. Be prepared to shoulder some legal fees and appraisal/surveying/fencing costs. This might actually yield you more money in the long run, as a smaller parcel might end up bringing more $/acre (if estate is larger than typical house lot size). You also may be able to subdivide it further, check your local regs.


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shotcaller1
Georgetown Fan
Member since Oct 2014
7501 posts

re: Another legal real-estate query: Forced sheriff's sale of jointly owned property
You only gonna get tree fiddy baw


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kingbob
LSU Fan
Sorrento, LA
Member since Nov 2010
50626 posts

re: Another legal real-estate query: Forced sheriff's sale of jointly owned property
You can file a demand for partition. Get a lawyer. It’s a fairly simple procedure. If they cannot partition the property physically (i.e. split the lot equitably), they can order a sheriff’s sale.


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Ancient Astronaut
Ole Miss Fan
Louisiana
Member since May 2015
16428 posts

re: Another legal real-estate query: Forced sheriff's sale of jointly owned property
Go see an attorney


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