All Forum Posts by: Ashley Abramson

@Nate Sanow @Charlie MacPherson Yeah definitely calling the lawyer tomorrow. Unfortunately I know that the guy who made the offer is good for it. He just sold his company for A LOT like 10s of millions if not more. But regardless, I feel like as the current owners we should be able to buy the partner out at fair market value and not some random inflated offer... if I am wrong that would just be a messed up system but it also wouldnt surprise me. Anyway to the lawyer we go.

My parents own a piece of property on a lake with 50% undivided interest, and their partner has 50% undivided interest. The property is worth about $500k (or less) according to comps on the lake. There is currently a property slightly smaller listed for 450k that has been on the market for 200 days. Their partner has an offer in writing for $900k. He is trying to get my parents to buy him out for $450k. I've done a lot of research and cant tell if he can take us to court and force us to overpay to buy him out because of this offer. The offer is from the neighbor who wants to buy our property because he wants to use the two properties (his and ours) to build. My parents dont want to sell whatsoever, the property has been in our family for over 50 years. Can our partner take us to court and force a partition to sell because he has that offer? Or can we get a court ordered appraisal and pay him fair market value? We are willing to pay FMV. The partner is unreasonable and negotiated in bad faith with the offeror knowing we don't want to sell...

Any advice is greatly appreciated. Calling a lawyer in the morning.

@Ronald Starusnak My parents are on the deed as a married couple, with undivided 50% interest, he is on the deed as a single man with undivided 50% interest. No LLC. My grandparents bought the property in the 50s with 5 other couples, in 1996 my parents bought 3 shares, and the friend bought the other 3. Deed says each have 50% undivided interest. Yeah an appraisal wont say anywhere near $700k. Not to mention he wants $350k for his half. I did my own CMA and found many comps on the lake sold in the last year the average of 5 of those comps was a sale price of $418k. Most recent sale comp has 85 feet of water front (ours has 75), the comp is slightly smaller in land at .3 acres (ours is .5) and the comp sold for $375k in October 2019.

@Account Closed the "someone" owns the vacant lot next to us. Also has A LOT of money, I know who he is. So he is willing to overpay for our piece of property in order to combine his lot with ours to build a huge house. My parents arent interested in selling. But they are willing to buy out our partner for the Fair Market Value. I just didnt know if the partner has some legal right to be like BUT I have an offer for $700k so I want $350k for my half. Everything I am reading online, I doubt any court would make us pay over the FMV in order to not lose our property.

@Eamonn McElroy someone above had mentioned they would only offer 35-40% due to real estate lawyer fees and closing costs that would be incurred if we were to actually sell the property. But I agree I want to keep things amicable. So we are having a real estate agent do a CMA for us, the only comp I can find is a similar piece of land that sold for $375k (TOTAL) in October 2019, that has 10 feet more of water front than ours.

Realistically I think we should get an appraisal and offer him 40-45% of the appraisal because that is what he would be truely entitled to. But the last thing I want to do is upset him so he feels he needs to take it to "partition" and waste everyones time and money for the same result. 

Thank you again!

Thank you everyone!

I looked up the deed and it says Undivided 50% interest between my parents, and him. My parents 50%, and him 50%. I think we will offer him maybe 40% of the assessed amount and go from there. To be clear as far as my parents remember from 1996 - there are no other agreements saying "Here is what happens if someone dies, gets divorced, wants out, etc." @Dion DePaoli @Carl Fischer @Luciano A. @Lynn McGeein @Patrice Boenzi @Theresa Harris

@Tom Gimer - Thats exactly what I was wondering. If there was some loophole he could use to try to force us, I would imagine as long as we make him a fair offer any court would say thats a fair price and side with us rather than forcing us to sell. At the end of the day the court would sell the property and after lawyers and stuff I would imagine just taking a fair offer from us at 40-50% of the appraised value would be the route any sane person would go. Rather than lawyers, court fees, and a long drug out process.

My parents own a piece of recreational property (no house, but a bathroom/shower and a cabana) on a lake. They own the property with a friend. 50/50 owners. Unfortunately don't have any more details on the agreement (working on it). Sounds like a lawyer drew up paperwork for them but it is very basic. The friend rarely uses the property and came to my parents wanting them to sell the property with him, while the market is high. He said someone offered him $700k for the whole property. 

Problem is my parents have no interest in selling. So their partner wants $350k (aka half of the $700k he was offered for the whole property). Tax assessment if $492k. I can only find one other vacant lot on the lake for sale it is listed at $449k and has been on the market for 472 days. No real comps on the lake as most anything sold on the lake has a home on it.

I am wondering if the friend/other owner has any legal rights to force my parents into anything? Or at this point can my parents just make him an offer to buy him out? If he doesn't like the offer is he stuck or does he have options? The property has been in our family since the 50s so it is sentimental. 
 

Here is a little flier with all info.  We are now considering all offers.

Hi Adrian.  We are still looking to sell this one.  Please let me know ASAP if you have any interest.  

Hello - I am trying to list a property AS IS, with a friend of mine who is an agent. Its a project that unfortunately we had many contractor issues and simply don't have the money to finish.

It has new plumping, electrical, insulation, demolition is complete, and is basically a blank canvas. (Needs new everything)

Our agent is slow to list saying he is freaked out about the liability of listing as a fixer, when it could be a tear down. In our opinion the project can be completed and is not a tear down, though the property is sub-dividable - but what is the problem with listing it AS IS. How would that create liability?

I would pick West Seattle :)