Q: FL: Does selling a property through a Special Magistrate have rules/stipulations on what can be an acceptable offer?
I own a property 50% and an estate owns the other 50% - it is currently up for sale by a realtor but the listing agreement is about to expire and we have not yet sold the property. The executor of estate is threatening to file a Partition that would have a court appointed employee responsible for getting the property sold once the agreement expires, how does selling this way work? Can the court appointed official/employee be allowed to accept any offer they can get or can they only accept an offer that meets a certain percent of the appraised value?
A: In a partition, the court will order the sale. The method of sale can be open market, sealed bid, or auction. If the parties cannot agree on a price to sell the property, the commissioner appointed by the court will set the price. It is likely though that the court would put the property up for auction. Many times it is in the best interest of the parties to come to an agreement regarding price to avoid the uncertainty of an auction. Schedule a free consultation to make sure your interest in the property is protected throughout the sale or partition.
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