Q: My question is about trying to purchase my deceased grandparents property that may soon go into a tax lien situation.
My grandparents are deceased and their property passed equally to their four siblings. I am one of their daughters. The siblings rented the property before but are now nearing 90 years old and can't do it anymore. They understand that in reality the property needs to be sold but they are not realistic about its value. They have the property listed at nearly double the value and refuse to truly listen to valid offers so it won't sell. In the meantime, when tax and maintenance bills come, the family goes into panic mode to scrape up their fourth of the bill to pay. It's getting close to a tax lien situation because at some point they won't be able to pay. I want to purchase the property but only if I could buy it as a sole owner. I have offered to buy it, but again they are unrealistic about how much it is worth and the family itself is not on good terms. My question is if there is any way to force the sale, or any opportunity for me to buy it. I would hate to just lose it.
A:
In this complex situation, there are a few potential options to consider:
1. Partition action: As a co-owner of the property, you have the right to file a partition action in court. This legal action forces the sale of the property and division of the proceeds among the co-owners. However, this process can be lengthy, expensive, and may strain family relationships further.
2. Tax lien sale: If the property does go into a tax lien situation, you could potentially purchase the property at a tax lien sale. However, this process can be complicated, and you may face competition from other buyers.
3. Mediation: Consider involving a mediator to help facilitate a discussion among the co-owners about the property's realistic value and the need to sell it. A neutral third party might help everyone reach a consensus more easily.
4. Buyout: Continue to negotiate with your aunts and uncles to buy out their shares of the property at a fair market value. You could present them with evidence of the property's true value, such as comparable sales in the area or a professional appraisal.
5. Seek legal advice: Consult with a real estate attorney who can review the specific details of your situation and provide guidance on the best course of action. They can also help you understand your rights as a co-owner and potentially assist with negotiations or legal proceedings.
Remember that these situations can be emotionally challenging and may impact family dynamics. It's essential to approach the matter with sensitivity while still protecting your own interests. Seeking professional advice from a real estate attorney and a mediator can help you navigate this difficult situation more effectively.
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