Inherited property with 2 of my siblings. I want to be bought out but they both cant afford to buy me out. What is my next step?

Asked over 1 year ago - Sterling Heights, MI

They don't want to sell and cant find anyone to buy my share of the property

Attorney answers (4)

  1. Michael J. Olson

    Contributor Level 11

    3

    Lawyers agree

    Answered . You are probably stuck. The only thing a Court could do for you is order a partition which would allow you to sell your portion of the property. If you cannot find a buyer for your portion well, there you have it. That being said, depending on how the property is titled, the Judge may not even be able to order a partition. You should really speak to a lawyer familiar with real estate and review your options with paperwork in hand. Good Luck.

    So there is no misunderstanding, my answer to your question does not establish an attorney/client relationship... more
  2. James C. Higgs

    Contributor Level 12

    3

    Lawyers agree

    Answered . It would be a good idea to have title check to see how the title was taken first. If it says Joint Tenants, JTWROS, or Joint Tenants with Full Rights of Survivorship, you may be out of luck, as only the survivor in such situation would own it and no names could be added without all three agreeing. If it says an Undivided 1/3 interest, as Tenants in Common, or just the three names you can try a partition action. I have had very good luck filing partition actions, getting courts to order facilitative mediation, and coming up with a price and payment plan for the siblings to do the buyout that makes sense. If it is Tenants in Common and any party is married you also have spouses to deal with in the picture.

  3. John F. Brennan

    Contributor Level 19

    2

    Lawyers agree

    Answered . Need more details but you have correctly defined your position, neither yourself nor another desires to own the property with your siblings. Sadly you have defined market.
    This is the other side of the coin, you cannot force them to sell, they cannot force you to keep.

    To the PROSPECTIVE client, please call myself or another attorney for your choice with more detaiils and an... more
  4. Vincent J. Gallo

    Contributor Level 14

    3

    Lawyers agree

    Answered . You recitd what you want, but you did not state their intentions. The simple solution is that the three (3) of you should resolve to sell the property since none of you seemingly can individually afford to own the property.

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