ColoradoGJ
Junior Member
What is the name of your state (only U.S. law)? Colorado
Okay, first of all thank God for the Internet and this community. Hopefully I can get some ideas. I'll try to be as clear as possible and give you the Reader's Digest Version.
My Grandmother died in Grand Junction, Colorado in September of 2008. Before she died she purchased two houses with cash. On both houses she had Beneficiary Deeds drawn up. On those deeds she placed my three Aunts and a Cousin on them. That made two properties that each had 4 cotenants. When my Grandmother died they became tenants in common. Three of the them reside in Grand Junction. The fourth, who will hereafter be referred to as the "Evil Aunt,' lives in Florida.
My Grandmother had specifically wanted to make sure that my two aunts here in Grand Junction and my cousin here in Grand Junction would have a house to live in for the rest of their lives with no mortgage to pay. The Evil Aunt from Florida was placed on the deeds as an afterthought. The Evil Aunt in Florida is also very wealthy. The two Aunt's and Cousin in Colorado are very poor.
To make a long story short, the Evil Aunt from Florida is using her ability to afford lawyers to try to force the house to public auction by having the court order a partition by sale in order to monetize her shares of each property. My Aunts and my Cousin are devastated and feel as though they have no chance. My fear is that my Evil Aunt is going to force the properties to public auction, then have her lawyer bid on the properties and steal the properties out from under my other two Aunts and my Cousin. She is valuing her shares on the basis of what my Grandmother paid for the houses when she purchased them, not what they are worth now that the market has tumbled.
My Questions are
1) What is the best way for them to protect themselves?
2) Will a judge order the sale even if it will result in substantial monetary damage to my Aunts and my Cousin?
3) If it goes to suit will the Court allow my Aunt's to try to pay my Evil Aunt her shares of the two houses.
4) Is there a way short of going to suit that my Aunts can get the Evil Aunt to accept what they are worth at current market value, and, if not, will the Court consider the fact that my aunts are willing to try to pay fair market value for the shares of each house they just need time to come up with the money, and that the Evil Aunt is being quite unreasonable about the pricing,
5) If it goes to Court will the court give them time to come up with the money or do they just automatically order a public auction?
6) Will the fact that the Evil Aunt is only 25% owner and outnumbered by the other three have any impact on the Courts view of the matter, i.e. will her interest in the property be great enough for the Court to consider forcing my Aunts and Cousin out.
I should add that the Evil Aunt has never resided on either properties and my two Aunts are elderly and have serious medical problems, will the Court consider the fact that my Evil Aunt is wealthy and my other two Aunts are elderly, extremely poor, and ill (one has MS and the other is a severe diabetic and morbidly obese). My Grandmothers would be rolling over in her grave if she knew what her daughter was doing. This whole thing is tearing the family apart.
Thanks for whatever feed back you can offer.What is the name of your state (only U.S. law)?
Okay, first of all thank God for the Internet and this community. Hopefully I can get some ideas. I'll try to be as clear as possible and give you the Reader's Digest Version.
My Grandmother died in Grand Junction, Colorado in September of 2008. Before she died she purchased two houses with cash. On both houses she had Beneficiary Deeds drawn up. On those deeds she placed my three Aunts and a Cousin on them. That made two properties that each had 4 cotenants. When my Grandmother died they became tenants in common. Three of the them reside in Grand Junction. The fourth, who will hereafter be referred to as the "Evil Aunt,' lives in Florida.
My Grandmother had specifically wanted to make sure that my two aunts here in Grand Junction and my cousin here in Grand Junction would have a house to live in for the rest of their lives with no mortgage to pay. The Evil Aunt from Florida was placed on the deeds as an afterthought. The Evil Aunt in Florida is also very wealthy. The two Aunt's and Cousin in Colorado are very poor.
To make a long story short, the Evil Aunt from Florida is using her ability to afford lawyers to try to force the house to public auction by having the court order a partition by sale in order to monetize her shares of each property. My Aunts and my Cousin are devastated and feel as though they have no chance. My fear is that my Evil Aunt is going to force the properties to public auction, then have her lawyer bid on the properties and steal the properties out from under my other two Aunts and my Cousin. She is valuing her shares on the basis of what my Grandmother paid for the houses when she purchased them, not what they are worth now that the market has tumbled.
My Questions are
1) What is the best way for them to protect themselves?
2) Will a judge order the sale even if it will result in substantial monetary damage to my Aunts and my Cousin?
3) If it goes to suit will the Court allow my Aunt's to try to pay my Evil Aunt her shares of the two houses.
4) Is there a way short of going to suit that my Aunts can get the Evil Aunt to accept what they are worth at current market value, and, if not, will the Court consider the fact that my aunts are willing to try to pay fair market value for the shares of each house they just need time to come up with the money, and that the Evil Aunt is being quite unreasonable about the pricing,
5) If it goes to Court will the court give them time to come up with the money or do they just automatically order a public auction?
6) Will the fact that the Evil Aunt is only 25% owner and outnumbered by the other three have any impact on the Courts view of the matter, i.e. will her interest in the property be great enough for the Court to consider forcing my Aunts and Cousin out.
I should add that the Evil Aunt has never resided on either properties and my two Aunts are elderly and have serious medical problems, will the Court consider the fact that my Evil Aunt is wealthy and my other two Aunts are elderly, extremely poor, and ill (one has MS and the other is a severe diabetic and morbidly obese). My Grandmothers would be rolling over in her grave if she knew what her daughter was doing. This whole thing is tearing the family apart.
Thanks for whatever feed back you can offer.What is the name of your state (only U.S. law)?